Full text of Federal Reserve Bulletin : March 1932
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FEDERAL RESERVE BULLETIN MARCH, 1932 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Banking Conditions and Recent Legislation Text of the Glass-Steagall Bill Annual Report of Bank of France UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON : 1932 FEDERAL RESERVE BOARD Ex officio members: OGDEN L. MILLS, Secretary of the Treasury, Chairman, J. W. POLE, Comptroller of the Currency. FLOYD R. HARRISON, Assistant to the Governor. CHESTER MORRILL, Secretary. E. M. MCCLELLAND, Assistant Secretary. J. C. NOELL, Assistant Secretary and Fiscal Agent. WALTER WYATT, General Counsel. EUGENE MEYER, Governor. CHARLES S. HAMLIN. ADOLPH C. MILLER. GEORGE R. JAMES. WAYLAND W. MAGEE. LEO H. PATJLGER, Chief, Division of Examinations. E. A. GOLDENWEISER, Director, Division of Research and Statistics. CARL E. PARRY, Assistant Director, Division of Research and Statistics. E. L. SHE AD, Chief, Division of Bank Operation*. FEDERAL ADVISORY COUNCIL District No. District No. District No. District No. District No. District No. District No. District No. District No. District No. District No. District No. 1 2 3 4 5 6 (BOSTON) ( N E W YORK) (PHILADELPHIA) (CLEVELAND) (RICHMOND) (ATLANTA) 7 (CHICAGO) THOMAS M. STEELE. ROBERT H. TREMAN. HOWARD A. LOEB. J. A. HOUSE. HOWARD BRUCE. JOHN K. OTTLEY. MELVIN A. TRAYLOR, Vice President. 8 (ST. LOUIS) WALTER W. SMITH, President. 9 (MINNEAPOLIS) THEODORE WOLD. 10 (KANSAS CITY) WALTER S. MCLUCAS. 11 (DALLAS) J. H. FROST. 12 (SAN FRANCISCO) HENRY M. ROBINSON. WALTER LICHTENSTEIN, Secretary. n OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Boston__ New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis.. Kansas City... Dallas San Francisco Chairman Deputy governor Governor Cashier W. W. Paddock W. R. Burgess J. E. Crane A. W. Gilbart E. R. Kenzel Walters. Logan L. R. Rounds L. F. Sailer Geo. W. Norris R. L. Austin Wm. H. Hutt M. J. Fleming E. R. Fancher George DeCamp Frank J. Zurlinden.... Wm. W. Hoxton C. A. Peple George J. Seay R. H. Broaddus Oscar Newton Eugene R. Black W. S. Johns H. F. ConnifE Eugene M. Stevens._. J. B. McDougal _ C. R. McKay John H. Blair J. H. Dillard John S. Wood Wm. McC. Martin. _- 0. M. Attebery Frederic H. Curtiss... Roy A. Young Geo. L. Harrison J. H. Case __ John R. Mitchell. M. L. McClure _ C. C.Walsh. Isaac B. Newton 1 W. B. Geery— Geo. H. Hamilton B. A. McKinney _ Jno. U. Calkins Assistant deputy governor. W. Willett. C. H. Coe.i Ray M. Gidney.i J. W. Jones.1 W. B. Matteson.i J. M. Rice.i Allan SprouU L. Werner Knoke.1 C. A. Mcllhenny. W. G. McCreedy.a H. F. Strater. Geo. H. Keesee. John S. Walden, jr.* M. W. Bell. W. S. McLarin, jr.* W. C. Bachman.i D. A. Jones.* 0. J. Netterstrom.i E. A. Delaney.i i S. F. Gilmore.J ' A. H. Haill.2 ; F. N. Hall.a G. 0. Hollocher.a 0. C. Phillips.* H. I. Ziemer. Harry Yaeger Frank C. Dunlop.2 H. I. Ziemer C. A. Worthington.... J. W. Helm. T "W TTolm Fred Harris. R. R. Gilbert. W. 0. Ford.i R. B. Coleman... Wm. M. Hale. Wm. A. Day Ira Clerk 2 Controller. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— New York: Buffalo branch Cincinnati branch Pittsburgh branch Richmond: Baltimore branch Charlotte branch. Atlanta: New Orleans branch Jacksonville branch B irmingham branch Nashville branch Chicago: Detroit branch St. Louis: Louisville branch Memphis branch.. Little Rock branch Managing director R. M. O'Hara. C. F. McCombs. J. C. Nevin. Hugh Leach. W. T. Clements. Marcus Walker. Hugh Foster. A. E. Walker. J. B. Fort, jr. W. R. Cation. John T. Moore. W. H. Glasgow. A. F. Bailey Federal Reserve Bank of— Minneapolis: Helena branch Omaha branch _ Denver branch Oklahoma City branch Dallas: El Paso branch _ Houston branch San Antonio branch San Francisco: Los Angeles branch Portland branch. Salt Lake City branch Seattle branch Spokane branch Managing director -_ R. E. Towle. L. H. Earhart. J. E. Olson. __ C. E. Daniel. _. J. L. Hermann. W. D. Gentry. M. Crump. W. N. Ambrose. R. B. West. W. L. Partner. C. R. Shaw. _ D. L. Davis. SUBSCRIPTION PRICE OF BULLETIN The FEDERAL RESERVE BULLETIN is the board's medium of communication with member banks of the Federal reserve system and is the only official organ or periodical publication of the board. The BULLETIN will be sent to all member banks without charge. To others the subscription price, which covers the cost of paper and printing, is $2. Single copies will be sold at 20 cents. Outside of the United States, Canada, Mexico, and the insular possessions, $2.60; single copies, 25 cents. m TABLE OF CONTENTS Page Review of the month—Banking conditions and recent legislation Changes in foreign central bank discount rates Condition of all member banks on Dec. 31, 1931 (from Member Bank Call Report No. 54) Annual report of the Bank of France National summary of business conditions Financial, industrial, and commercial statistics: Reserve bank credit, gold stock, money in circulation, etc Member and nonmember bank credit— All banks in the United States All member banks Weekly reporting member banks in leading cities Bankers' acceptances, commercial paper, brokers' loans Discount rates and money rates Bank suspensions Security prices, security issues, United States Government securities Production, employment, car loadings, and commodity prices Merchandise exports and imports Department stores—Indexes of sales and stocks Freight-car loadings, by classes Financial statistics for foreign countries: Gold reserves of central banks and governments Gold production Gold movements Government note issues and reserves Bank for International Settlements Central banks Commercial banks Discount rates of central banks Money rates Foreign exchange rates Price movements— Security prices Wholesale prices Retail food prices and cost of living Xiaw department: Recent amendments to the Federal reserve act (Glass-Steagall bill) Detailed Federal reserve statistics, etc Index IV 141 146 192-193 161 147 148-151 153 152 154, 186 154, 155 157, 187 156, 189-191 158 159, 194-199 160 160 160 167 168 168-170 171 171 172-174 175 176 176 177 178 178, 179 179 __ 180 182-191 201 FEDERAL RESERVE BULLETIN VOL. 18 MARCH, 1932 REVIEW OF THE MONTH Definite improvement in banking conditions was shown for February following the enactment of the law creating the Improvement in Reconstruction Finance Corbanking condi- . . tions poration and the organization of the corporation's work. An additional cause of improvement was the increase in public confidence consequent upon the introduction and promise of speedy enactment of the Glass-Steagall bill to increase the powers of the Federal reserve system. This bill became law on February 27. The improvement in conditions is indicated by a pronounced decline in the number of bank failures, by a strengthening of the bond market, and by a return flow of currency from the public to the banks. Liquidation of member bank credit, however, continued during the month with a consequent decrease in member bank reserve balances. This decrease in reserve balances, together with the decline of money in circulation, was offset in part by a continuous outflow of gold, so that the total volume of reserve bank credit outstanding showed a decrease of only $70,000,000 for the month, and indebtedness of member banks to the reserve banks continued at a high level. The text of the Glass-Steagall bill entitled an act "To improve the facilities of the Federal reserve system for the service of commerce, industry, and agriculture, to provide means for meeting the needs of member banks in exceptional circumstances, and for other purposes" is reprinted elsewhere in this issue of the BULLETIN. Sections 1 and 2 of the bill provide means by which in unusual circumstances member banks that are without adequate amounts of eligible and acceptable assets to enable them to obtain sufficient credit accommodations from No. 3 the Federal reserve banks under other provisions of the Federal reserve act, may receive assistance on the basis of other security under definite restrictions and at a higher rate of discount, and section 3 authorizes the Federal reserve banks, under certain conditions, to use United States Government obligations as collateral for Federal reserve notes. The first section provides that a group of not less than five member banks/ the majority of which are independently owned Borrowing by and controlled, may obtain groups advances from a Federal reserve bank and distribute the proceeds to such bank or banks within the group as may be agreed upon. The reserve bank, however, may make advances of this kind only with the consent of not less than five members of the Federal Reserve Board, and only if the bank or banks which are to receive the proceeds of the advances lack adequate amounts of eligible and acceptable assets to enable them to obtain sufficient credit accommodations from the reserve bank through rediscounts or advances other than those authorized by section 2 of the bill. The bank or banks receiving the proceeds of such loans must sign notes in favor of the group and give such security as may be agreed upon. The liability of each bank, as a member of the group, to the reserve bank is limited to the proportion of the total amount advanced to such group that its deposit liability bears to the aggregate deposit liabilities of the group. The rate of interest or discount on group notes acquired under this section must be at least 1 per cent above the discount rate prevailing at the reserve bank, and may be higher. There are specific provisions excluding foreign obligations from eligibility as security under this section, and excluding the paper acquired from member banks under this 1 Advances may be made to groups of less than five banks if their deposits amount to at least 10 per cent of all deposits in the district. 141 142 FEDERAL RESERVE BULLETIN section from eligibility as collateral for Federal reserve notes. Section 2 provides for a method of assisting directly an individual member bank which has capital stock not exceeding PndVyiduafblnks $5,000,000 and has no further eligible and acceptable assets available to enable it to obtain adequate credit accommodations from the reserve bank through rediscounting or any other method other than that provided in section 1 of the bill. Accommodation under this section, which may be extended through advances to a member bank on its promissory notes secured to the satisfaction of the Federal reserve bank, requires in each instance the affirmative action of at least five members of the Federal Reserve Board, and the duration of the section is limited to March 3, 1933. There are also provisions, similar to those in section 1, making paper acquired from member banks under this section ineligible as collateral for Federal reserve notes and excluding foreign obligations as security for such paper. The rate of interest charged by reserve banks on notes covering advances under this section must be at least 1 per cent above the highest discount rate in effect at such reserve bank on the date of such note, and may be higher. The importance of sections 1 and 2 of the bill is that they enable the Federal reserve banks to help their member banks in unusual and temporary conditions without being subject to the restrictions prescribed in other provisions of the law defining eligible assets. The provisions are safeguarded against abuse, but at the same time give assurance to any member bank that in case it finds itself in a position where it has good assets, even though it may not have sufficient eligible assets, it may obtain accommodation from the Federal reserve bank. By providing these facilities for member banks, the act will indirectly assist all banks, because it will make member banks that are the city correspondents of nonmember banks feel better able to assist them, in the assurance that in case of need they themselves MARCH, 1932 may obtain accommodation at the Federal reserve banks. The need for this legislation has not arisen from a shortage in the aggregate amount of eligible assets held by the memSupply of eligible ber bankg A(. the end rf December they reported that they held $2,573,000,000 of eligible paper in addition to $4,694,000,000 of Government securities, or a total of nearly $7,300,000,000, exclusive of Government bonds pledged as collateral for national bank notes. These figures would seem to indicate that the amount of eligible assets in the possession of the member banks of the Federal reserve system is nearly ten times as large as their aggregate borrowings from the Federal reserve banks. These eligible assets, furthermore, are fairly well distributed throughout the country and among the member banks, so that the number of individual banks that are not in a position to borrow to some extent on eligible paper or Government securities is relatively small. Provisions in the new bill, however, do not deal with the question of eligibility under ordinary circumstances and do not contemplate any enlargement in the definitions of eligible paper. These sections are intended to provide for unusual and temporary conditions when an individual member bank, for example, because of the loss of deposits either through gradual withdrawals or through a run, finds itself under the necessity of disposing at a loss of some of its sound but ineligible assets or else closing its doors and going into the hands of a receiver, with the consequent loss to its depositors and bad effect on the banking situation. Under the new law the Federal reserve banks in such circumstances are in a position to make it possible for the bank to continue in operation if it has a sufficient amount of good assets to justify the desired credit accommodation. These provisions of the law are safeguarded against abuse that would result in deterioration of the assets of the Federal reserve banks and are similar to provisions in the charters,of most foreign banks of issue. MARCH, 1932 FEDERAL RESERVE BULLETIN 143 reserve bank and that this collateral must consist of gold or gold certificates or of eligible paper in the form of discounts or acceptances purchased in the open market. This provision relates to the total of Federal reserve notes issued by the Federal reserve agents, and not merely to the notes that are in actual circulation against which the 40 per cent reserve is required. The difference between the two figures on February 24 was $266,000,000, representing Federal reserve notes held in the vaults of the issuing banks for the purpose of meeting their over-the-counter requirements. The figure against which collateral must be held, therefore, was $2,908,000,000 as compared with $2,643,000,000 of notes in actual circulation. It should be observed that the gold held as collateral against Federal reserve notes outstanding also constitutes a part of the Federal reserve bank's reserves, but can be counted as reserves only against Federal reserve notes in actual circulation and not against deposits. In providing for the collateral with the Federal reserve agent, the Federal reserve banks are in the habit of turning over to him practically all of the eligible paper that they have, which on February 24 amounted to $921,000,000. Deducting this from the total amount of Federal reserve notes issued by the agent leaves about $2,000,000,000 of notes that had to be covered by gold in order to make up the 100 per cent collateral. This gold, to be sure, counts as reserves against Federal reserve notes, and since it is considerably larger than the 40 per cent reserve required, the reserve against Federal reserve notes does not enter separately into the calculation of free gold. In addition to the gold that must be held as collateral against notes there is the 35 per cent reserve required against deposits and also an amount of not less than 5 per cent of notes not covered by gold, that must be held in a redemption fund in the Treasury of the United States. Since on the date of this calculation $921,000,000 of Federal reserve notes were covered by eligible paper, the redemption fund against Federal _ _. „ ^ , to . required on that date was about $46,000,000. reserve notes must hold 100 per cent colTo sum up, therefore, the calculation of free lateral against all the Federal gold involves the deduction from the total rereserve notes issued by him to the Federal The last section of the bill authorizes the Federal reserve banks until March 3, 1933, upon the affirmative vote of Excess reserves not less than a majority of the Federal Reserve Board, to include United States Government obligations as a part of the collateral against Federal reserve notes. In order properly to present the purposes of this section, it is necessary to review in some detail the provisions of existing law and the difference between the reserve banks7 "free gold7' and their excess reserves. Under the terms of the Federal reserve act the Federal reserve banks must maintain a 35 per cent reserve in gold or lawful money against their deposit liabilities and a reserve of 40 per cent in gold against their notes. On February 24, for instance, the reserves of the Federal reserve banks were $3,140,000,000; Federal reserve notes in actual circulation were $2,643,000,000, and deposits $1,973,000,000. The 35 per cent reserve against deposits would be $691,000,000, which would absorb all of the $202,000,000 of reserves other than gold and in addition $489,000,000 of gold, and the 40 per cent reserve against Federal reserve notes would be $1,057,000,000, so that the total reserve requirements would be $1,748,000,000, and excess reserves $1,392,000,000. This figure represents the total amount of gold on which the Federal reserve system could base additional credit. On the basis of these excess reserves, the Federal reserve banks could issue $3,500,000,000 of credit, if the demand were for currency, and $4,000,000,000 if it were for deposits at the reserve banks. There is nothing in the new legislation that in any way changes these maximum amounts. It does, however, have an important bearing on the manner in which the extension of credit can be accomplished under the law. Separately from the provisions prescribing reserve requirements, described above, the Federal reserve act provides Collateral t h a t t b e Federal reserve agent 144 FEDERAL RESERVE BULLETIN serves of $3,140,000,000, first, of $1,987,000,000 of gold required as collateral; second, of $691,000,000 required as reserves against deposits; and third, of $46,000,000 required for the redemption fund, leaving $416,000,000 of "gold that was entirely free on February 24, not being required either as reserves or as collateral. Free gold, as defined in the preceding paragraph, does not limit the amount of advances that the Federal reserve banks °f c a n m a k e t 0 member banks in the form of discounts, because the paper arising from such advances is eligible as collateral for Federal reserve notes, and these advances, therefore, make no inroads on the free gold. Neither does it limit the amount of gold that can be exported, because a demand for gold for export, by causing member banks to borrow from the Federal reserve bank in order to obtain it, serves to increase reserve bank holdings of bills discounted and thus results in the creation of the collateral necessary to replace the gold that has been withdrawn. The free gold does, however, limit the extent to which the reserve banks by open-market operations can enable the member banks to meet an external drain of gold or an internal demand for currency without increasing their indebtedness at the reserve banks. When the member banks have to borrow in order to obtain gold or currency, this borrowing becomes an element of tightness in the credit situation, which in existing circumstances would be undesirable because it would make the banks more reluctant to extend loans to their customers. It is true that if acceptances were sold to the reserve banks for the purpose of obtaining currency or gold, there would be no inroad on the free gold, because acceptances as well as discounts are eligible as collateral for Federal reserve notes. Acceptances, however, are not always available in sufficient amounts and for this reason can not be depended upon by the member banks as an adequate basis for obtaining credit from the Federal reserve banks. Prior to the enactment of the recent amendments, therefore, a gold drain from abroad, or a further currency demand from the American MARCH, 1932 public, could be met by the Federal reserve banks through the purchase of Government securities only within the limits of the free gold, because to meet the demand through the purchase of Government securities, which have not been eligible as collateral, would not produce the collateral necessary against Federal reserve notes, and gold would have to be used for the purpose. It is in view of this situation, which might have resulted in an increase of the burden of indebtedness of the member banks at a time when it is desirable to increase the ability of member banks to serve their communities, that the new bill has authorized the Federal Reserve Board until March 3, 1933, to permit the use of Government securities as collateral against Federal reserve notes. This authority makes it possible for the reserve banks to meet any drain within the limits of their excess gold reserves without the member banks having to incur an additional burden of indebtedness. Until recent months, collateral requirements were not an important element in the situation, but recently many factors have combined to reduce the amount of free gold. Among these factors are a considerable volume of security holdings by the Federal reserve banks, a relatively low volume of the banks' acceptance holdings, a growth in Federal reserve notes outstanding, caused not by a demand for currency for business purposes but for hoarding, and a large volume of gold exports. In these circumstances the enactment of legislation that enables the Federal reserve system to pursue a policy based on the assurance that in case of need not merely its "free gold" will be available, but practically its entire gold reserve in excess of legal requirements, has resulted in strengthening the entire credit structure of the country and in increasing the system's power to cooperate in the recovery of business. The gold reserves of European countries showed little change during the past month, except for the continued rapid growth of French reserves. About one-half the gold taken by France was drawn from the United States, the 145 FEDERAL RESERVE BULLETIN MARCH, 1932 remainder coming largely from England. The Bank of England, which include the bank's Bank of England's reserves were unaffected, holdings of foreign balances. however, since the French purchases were made A further reduction during the month in the bank's security portfolio had the effect of GOLD RESERVES OF SELECTED CENTRAL BANKS absorbing funds that were being freely drawn [In millions of dollars] from bankers' deposits with the Bank of EngChange from— Date, Gold reland and lent to the market. As a consequence, Central bank of— 1932 serves Month Year before England France Germany Italy.. Belgium Netherlands Switzerland .-_ __ - Feb. 24 Feb. 19 Feb. 23 — Feb. 29 Feb. 25 Feb. 29 - ...do.... 588 2,894 221 *296 351 353 482 +123 -6 1 -2 +3 +10 before -97 +704 -318 +17 +154 +174 +358 v Preliminary. entirely on the bullion market, where Indian and South African shipments were disposed of in about equal portions. The Indian people continue to draw upon their accumulated holdings. Acquisition of gold by the Indian public diminished sharply in October, 1930; the actual release of gold began in March, 1931, and has been in large volume since India's departure from the gold standard last September. Prior to September about $30,000,000 of gold was returned from private holdings. In the four months following, about $155,000,000 was released and the movement is still under way. Most of the gold released since September has been shipped to the London bullion market for sale. The credit negotiated by the Bank of England at the Bank of France and the Federal reserve banks was retired on February Bank of Eng1. This credit was originally land arranged on August 1, 1931, in the amount of $250,000,000; it was renewed in November to the amount of $150,000,000, but only a small portion was in use at the time of final payment. The bulk of the £7,000,000 reduction shown for the month in the " other deposits" of the Bank of England occurred during the week in which the repayment was effected, and at the same time the foreign exchange account in which the Bank of France carried the British credit was diminished by a corresponding amount. No gold was employed in making the repayment; it was reflected in a decrease in the "securities" reported by the BANK OF ENGLAND [In thousands of pounds sterling; figures preliminary} Change from— Feb. 24, 1932 Gold Discounts and advances. Securities Bankers' deposits Other deposits Notes in circulation Jan. 27, 1932 120,773 +10 11,429 -1,518 342,142 -11,515 - 6 , 380 67,924 46, 323 - 7 , 206 +535 346, 404 Feb. 25, 1931 -20,043 +2,911 +22,114 +8, 852 - 3 , 210 -1,261 the reduction in bankers' deposits was reflected to only a small extent in the repayment of discounts and advances at the bank. Very easy rates in the open market, however, accompanied these developments; on February 18 the Bank of England lowered its discount rate from 6 to 5 per cent and on March 10 to 4 per cent. In the four weeks ending February 19, the Bank of France continued its heavy conversions of foreign balances into gold. Bank of France The increase of 3,100,000,000 francs, however, in the bank's gold reserves was not wholly attributable to these operations. Not more than 2,200,000,000 of foreign exchange was thus converted, the remaining reduction in the bank's holdings representing repayment of the British credit. Some of the gold recently obtained by the Bank of France, therefore, represented gold either currently or previously imported on private account. The repayment of the British credit involved substantial drafts on "other deposits" of the Bank of France, but these deposits, which include balances of the French commercial banks, nevertheless increased during the month to a new high level. At the same time discounts and advances of the Bank of France were reduced. Funds for these purposes were derived in part from the sale of gold to the Bank of France and the return of notes from 146 FEDERAL RESERVE BULLETIN MARCH, 1032 circulation. In large part, however, they were would ordinarily accrue to it from commodity the result of transfers from Government de- exports. BANK OF FRANCE Change in Chairmanship of Federal Reserve Board [In millions of francs; figures preliminary] Change from— Feb. 19, 1932 73,814 16,654 7,707 3,473 25,177 82, 578 Gold Foreign exchange Domestic discounts and advances Government deposits Other deposits __ Notes in circulation Jan. 22, 1932 +3,125 -2,878 -907 -1,254 +1, 247 -786 Feb. 20, 1931 +17,956 -9,666 -2,655 -10,464 +13,637 +5,726 On February 8,1932, the President nominated Hon. Ogden L. Mills as Secretary of the Treasury, to succeed Hon. Andrew W. Mellon, resigned, and on February 10 this appointment was confirmed by the Senate. The Secretary of the Treasury is ex officio member and chairman of the Federal Reserve Board. Meeting of Federal Advisory Council posits, which were sharply reduced during the month. Deposits of the Treasury proper, as distinct from those of the debt amortization office, are now about 19,000,000 francs ($750,000) in contrast to 4,569,000,000 francs a year ago. The note circulation of the Reichsbank declined substantially during the past month, accompanying a continued inReichsbank crease of unemployment in Germany, and following a substantial decline in prices. Funds returning from circulation were employed to pay off discounts and advances at the bank. Although these developments left the Reichsbank in a somewhat easier position, the slow shrinkage of reserves continued until the third week in February, when the bank's gold and The first meeting of the Federal Advisory Council for 1932 was held on Tuesday, February 16. Mr. Walter W. Smith was reelected president and Mr. Melvin A. Traylor was reelected vice president. These officers as ex officio members and Messrs. Treman, Loeb, Ottley, and McLucas will comprise the executive committee. Mr. Walter Lichtenstein was reappointed secretary of the council. Changes in Discount Rates and Bill Rates The discount rate on all classes and maturities of paper was reduced from 3J£ to 3 per cent at the Federal Reserve Bank of New York effective February 26. At the Federal Reserve Bank of New York buying rates on bills of all maturities were reduced February 26 as follows: Bills having maturities up to 45 days, from 2% to 2% per cent; 46 to 120 days, from 3 to 2% per cent; 4 to 6 months from 3}i to 3 per cent. REICHSBANK Changes in Foreign Central Bank Discount Rates [In millions of reichsmarks; figures preliminary} Change from— Feb. 23, 1932 Gold _ Foreign exchange reserve Discounts and advances Deposits -- - - -Notes in circulation _ _. _ 930 146 3,313 332 4,003 Jan. 23, 1932 -27 -5 -204 -39 -195 Feb. 23, 1931 -1,336 -30 +1, 702 —70 +299 foreign exchange reserves increased by a small amount. During this week a new foreign exchange decree went into effect forbidding payment in Reichsbank notes for German exports unless the foreign holder could prove that the notes were legally shipped abroad; the use of notes in this way had been depriving the Reichsbank of the foreign exchange which The following changes in discount rates during the period February 1-March 12 have been reported by central banks in foreign countries: Bank of England—February 18, from 6 to 5 per cent; March 10, from 5 to 4 per cent. Danish National Bank—March 11, from 6 to 5 per cent. Bank of Finland—February 13, from 8 to 7 per cent. German Reichsbank—March 9, from 7 to 6 per cent. Bank of Greece—February 20, from 12 to 11 per cent. Imperial Bank of India—February 25, from 7 to 6 per cent. Bank of Japan—March 12, from 6.57 to 5.84 per cent. Bank of Norway—February 19, from 6 to 5}i per cent; March 3, from 5% to 5 per cent. National Bank of Rumania—March 4, from 8 to 7 per cent. Bank of Sweden—February 19, from 6 to 5>£ per cent; March 3, from &% to 5 per cent. MARCH, 1932 FEDERAL RESERVE BULLETIN 147 NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled February 26 and released for publication February 29] In January production of manufactures increased by about the usual seasonal amount, while output of minerals and value of building contracts awarded continued to decline. Wholesale prices declined further during January and early February, but more recently prices of certain leading commodities showed an advance. Production and employment.—Volume of industrial production, which includes both manufactures and minerals, increased from December to January by an amount somewhat smaller than is usual at this time of year, and the board's seasonally adjusted index declined from 71 per cent of the 1923-1925 average to 70 per cent. In the steel industry there was a seasonal increase in activity during January, followed by a slight decline during the first three weeks of February. Production of automobiles, which usually increases considerably at this season, showed little change in January, following an increase in December. Activity at textile mills increased by more than the usual seasonal amount, and at shoe factories there was a seasonal increase in production. Output of coal and petroleum was substantially reduced. Volume of factory employment declined by more than the usual seasonal amount between the middle of December and the middle of January. Number employed at foundries, car-building shops, clothing factories, and establishments producing building materials declined substantially, while employment in the tobacco industry decreased less than is usual at this season, and employment in the woolen-goods industry increased, contrary to seasonal tendency. Total value of building contracts awarded in 37 Eastern States, as reported by the F. W. Dodge Corporation, declined sharply in January, and for the 3-month period ending in that month was about one-half of the amount awarded in the corresponding period a year ago. Approximately one-fourth of the decrease was in residential building and threefourths in other types of construction. Distribution.—Total freight-car loadings decreased in January, contrary to seasonal tendency, reflecting chiefly smaller shipments of merchandise, miscellaneous freight, and coal. Departmentrstore sales declined by about the usual seasonal amount. Wholesale prices.—The general level of wholesale commodity prices, as measured by the index of the Bureau of Labor Statistics, declined 2 per cent further from December to January, although prices of some important commodities, such as wheat, showed little change and the price of cotton advanced. During early February prices of certain leading commodities, including grains and cotton, declined, but later in the month there was some advance in the prices of these commodities. Bank credit.—Volume of reserve bank credit outstanding declined in January and the first half of February. This decrease has reflected a return flow of currency from circulation, which has been smaller than usual this year, together with a continued reduction in member bank reserve balances, offset in part by a demand for reserve bank credit caused by an outward movement of gold amounting to $100,000,000 since the turn of the year. A decline in money in circulation after the first few days in February reflected some return of hoarded currency, accompanying a decrease in bank failures. At member banks in leading cities volume of credit continued to decline during January and the first half of February. Between January 13 and February 17 total loans and investments decreased by $550,000,000, representing declines in "loans on securities, in other loans, and in investments. Deposits of these banks also declined substantially during this period. Money rates in the open market showed little change." On February 26 the discount rate of the Federal Reserve Bank of New York was reduced from 3% to 3 per cent, and buying rates on bankers' acceptances of short maturities were reduced from 2% to 2% per cent. 148 FEDERAL RESERVE BULLETIN MARCH, 1932 RESERVE BANK CREDIT OUTSTANDING AND PRINCIPAL FACTORS IN CHANGES MILLIONS OF DOLLARS 6000 I MILLIONS OF DOLLARS 1 1 1 1 1 1 6000 5500 5500 5000 5000 4500 4500 4000 4000 Member Bank Reserve Balances 2500 2500 2000 2000 1500 1000 500 1927 1928 1929 1930 1931 1932 Based on weekly averages of daily figures; latest figures are for week ending February 27 149 FEDERAL RESERVE BULLETIN MAIiCE, 3 932 FEDERAL RESERVE BANK CREDIT RESERVE BANK CREDIT OUTSTANDING AND FACTORS IN CHANGES [ Averages of daily figures. In millions of dollars. For explanation see BULLETIN for July, 1929, pp. 432-438. For back figures see Annual Report for 1930 (Tables 1, 2, and 3).] Reserve bank credit outstanding Month or week i Bills dis-1 Bills i counted i b o u g h t United Other States | reserve securities] bank i credit i Factors of decrease Total Factors of increase NonMoney Member bank Monetary Treasury member currency in circu- reserve gold stock (adjusted) deposits, lation balances etc. Unexpended capital funds 1930—September. October November.. December.. 221 338 197 185 184 257 597 • 602 599 644 I 1,016 1,020 1,033 1,273 4,503 4,520 4,553 4,583 1,785 1, 787 1,793 1,793 | 4,492 4,501 4,528 4,523 2,397 2,407 2,433 2,415 26 27 30 27 389 392 388 384 1931—January February... March April May June July August September. October November.. December.. 253 216 176 155 163 188 169 222 280 613 695 774 206 102 123 173 144 121 79 135 259 692 560 340 647 603 604 600 599 610 674 712 736 733 727 111 1,129 936 921 952 926 945 954 1,107 1,313 2,088 2,035 1,950 4,622 4,656 4,682 4,711 4,767 4,865 4,958 4,975 4,948 4,447 4,363 4,450 1,784 ! 1,780 1,778 1,770 1,783 ',759 ,784 ,764 ,768 ,768 ,766 ! .,782 ! 4,695 4,598 4,590 4,647 4,679 4,750 4,836 4,947 5,133 5,478 5,518 5,611 2,433 2,370 2,386 2,376 2,387 2,404 2,407 2,345 2,333 2,256 2,118 2,069 28 25 24 27 28 35 83 187 199 208 171 144 379 379 381 383 382 380 370 367 364 361 357 358 1932—January February-.. Week ending (Saturday)— Dec. 26 82S 848 221 151 759 • 743 1,865 1,785 ! 4,452 i 4,384 i .,773 ; ,787 i 5,645 i 5,627 j 1,979 1,907 113 73 363 349 842 281 796 1,991 | 4,467 I , 786 , 5,727 2,013 145 359 Jan. 2 Jan. 9 . . Jan. 16.. Jan. 23. Jan.30. 803 815 826 831 859 315 288 222 187 162 791 771 752 752 749 1,967 I ,767 ! ,766 i 1,774 1. 780 i; 773 5,666 5,680 5,646 5, 632 5, 617 2,053 I 2,020 I 1,987 ' 1,956 1,941 118 111 108 119 117 356 353 352 350 Feb. Feb. Feb. Feb. 843 856 842 157 166 150 139 749 742 741 740 1,822 j 1,803 1,790 1,752 1,777 \ 1,777 1.794 I 1.795 ; 5, 645 5,642 5.627 5,605 1,925 1,917 I 1,906 ' 1,895 91 78 82 55 348 348 348 348 6... 13.. 20_. 27.. 1,934 1,855 ' 1,823 ; 1,822 | 4,459 ! 4,464 ! 4,464 i 4,464I'i 4,429 '• j 4,410 i 4,405 ' 4,379 I 4,356 Wednesday series (in millions of dollars) End of month series (in millions of dollars) 1932 Jan. 20 Bills discounted. Bills bought United States securities. Other reserve bank credit 1 Total reserve bank credit Monetary gold stock.. Treasury currency adjusted Money in circulation Member bank reserve balances. Nonmember deposits, etc Unexpended capital funds 1 828 j1 Bills discounted -nn : Bills b o u g h t • U n i t e d States securities. O t h e r reserve b a n k credit i 1,853! 1,856 1,709 4,460: 4, 415!2 4,353 1,759! 1,775 2 1,791 1,849 53 347 Total reserve bank credit Monetary gold stock Treasury currency adjusted ...J ! I 819 188 751 48 838 162 752 46 855 156 749 49 819 169 741 48 Feb. | Feb. 17 8461 146| 741 47 24 835 133 741 25 1, 807 1 798 1,810 1,779 1,781 1,734 : 4,450 4 426 4,406 4,403 4,369 4,350 1,785 1 776 1,786 1,7641 1,792 1,780 Money in circulation 5,613 5,589 5,631 5,626 5,609 5,592 Member bank reserve balances.. 1,972 1 945 1,937 1,905 1,904 1,878 Unexpended capital funds, non- ! member deposits, etc I 458 465 433 415 429 395 Includes "Other securities," foreign loans on gold, amounts due from foreign banks, and reserve bank float. ' Figures preliminary. Jan. Feb. Feb. 10 27 3 150 FEDERAL RESERVE BULLETIN MARCH, 1932 ANALYSIS OF CHANGES IN MONETARY GOLD GOLD MOVEMENTS TO AND FROM UNITED STOCK STATES [In millions of dollars] Gold stock at end of month Month 1931—January February... March April May June July August September... October November... December.. 4,643 4,665 4,697 4,726 4,798 4,956 4,949 4,995 4,741 4,292 4,414 4,460 Total (12mos.). 1932—January February » 4,416 4,353 Total (2 mos.) » [In thousands of dollars] Analysis of changes Increase Net rein stock Net gold during import from earmonth mark i 49.4 22.0 32.0 28.7 72.4 158.0 -6.6 45.7 -254.3 -448. 4 122.0 45.8 34.4 16.1 25.6 49.5 49.6 63.8 19.5 57.5 20.6 -337.7 89.4 56.9 11.9 2.5 ; 3.0 ! -7.5 i 4.0 '• 92.3 i -29.7 ! -i6.o; -279.1 -107. 6 28.3 -22.9 1932 Domestic production, etc.« From or to— 3.1 3.3 3.3 -13.3 18.8 1.9 3.6 4.2 4.2 -3.1 4.2 11.9 -133.4 145.3 -320.8 42.1 -44.2 -62.4 -75.0 -93.1 25.4 26.4 5.4 4.3 -106.6 -168.1 51.8 9.7 February (preliminary) Imports Exports 1931 JanuaryDecember January Imports Exports Imports Exports Belgium. _ 12, 553 24 15,607 17,861 7,015 I7O~ 3,369 219 220 England 83,783 19,394 363,90S 98,432 France _. 71 37,073 500 1,047 Germany __' 5,320 Italy ! 6,257 8,672 50,327 Netherlands 2,088 2,366 Portugal _ 5,573 35 Sweden 1,759 55 19,823 356 Switzerland 2,163 16 81,252 Canada . 8,171 122 1,090 100 Central America 1,108 5 25,319 3,052 368 Mexico _ 9,110 141,263 1,146 Argentina 2,948 15,116 Colombia 107 1,015 Ecuador 166 7,522 1,082 57 Peru 6,080 Uruguay 1,666 121 1,073 52 Venezuela .. 8,064 4,677 1,640 British India China and Hong ETong 167 34,323 83 816 415 4,870 Dutch East Indies . 9,969 199,328 42 19,433 Japan 293 Philippine Islands . 3,740 1,368 50~ 12,976 3,892 59 All other countries i. 2,851 Total 2 35,425 1128,523 32,905 107,863 612,119 466,794 * Gold released from earmark at Federal reserve banks less gold placed under earmark. 2 Thisfigure,derived from preceding columns, represents the excess of domestic production over nonmonetary consumption of gold—chiefly consumption in the arts. In any given month, however, it may be predominantly affected by the fact that on the final day of the month (a) gold bullion or foreign gold coin recently imported may not yet have reached a reserve bank or the Treasury, and (b) gold bullion recently withdrawn from stock for export may not yet have been actually exported. The figures are subject to certain unavoidable inaccuracies in official reports of gold imports and exports. v Preliminary figures. RESERVE BANK CREDIT OUTSTANDING, IN DETAIL i Includes all movements of unreported origin or destination. » At New York—imports, $6,494,000; exports, $128,523,000. Elsewhere— imports, $28,931,000. [In thousands of dollars] 1932 Feb. 29 1931 Jan. 31 1,708,887 1,855,623 Reserve_bank_credit—total. Bills discounted—total _ 828,477 899,095 For member banks 817,489 887,843 10,801 For intermediate credit banks 10,573 For nonmember banks (secured by adjusted-service certificates) 451 415 Bills bought—total _ Payable in dollars—total Bought outright Under resale agreement... Payable in foreign currencies. Feb. 28 197,563 197,515 32,200 500 3,937 8,608 11,925 i Uncollected items in excess of deferred availability items. • Corrected. i [In millions of dollars] 1932 Kind of money Feb. 29 v 1931 Jan. 31 Feb. 28 48 746,425 ' 599,463 744,925 599,463 1,500 57,170 KINDS OF MONEY IN CIRCULATION 925,504 152,933 , 108,973 109,149 85,015 119,489 75,671 84,437 68,819 '111,167 8,322 578 6,852 33,444 I 23,958 33,478 United States securities—total 740,032 Bought outright 740,032 Under resale agreement _. Other reserve bank credit—total. 31,229 Intermediate credit bank debentures 10,000 Federal land bank bonds Municipal warrants 4,603 Due from foreign banks 8,607 Reserve bank float i 8,019 j 19,505 Gold coin Gold certificates Federal reserve notes. _ _ Treasury currency: i Standard silver dollars Silver certificates Treasury notes of 1S90 Subsidiary silver Minor coin United States notes Federal reserve bank notes National bank notes 407 407 820 2,634 9 fUS 31 3G3 1 260 114 280 3 691 850 32 367 1 260 115 282 3 677 356 1,061 1,461 35 373 1 270 116 295 3 649 Total Treasury currency 1,743 1,737 1,742 Total money in circulation 5,604 5, 641 4,620 9 Figures preliminary. * For explanation of the term "Treasury currency" see BULLETIN for Tuly, 1929, p. 432. 151 FEDERAL RESERVE BULLETIN MARCH, 1932 MEMBER BANK RESERVE BALANCES [In millions of dollars] Averages of daily figures Reserves held Month or week Excess reserves Total—all member banks New York City i Other reserve cities 1931—January February March April May June July August September October November December 2,433 2,370 2,386 2,376 2,387 2,404 2,407 2,345 2,333 2,256 2,118 2,076 891 847 860 829 848 882 887 843 864 848 774 766 955 945 945 962 961 949 950 943 918 872 832 807 1932—January 1,979 724 767 Week ending (Friday)— Dec. 25 Jan. 1Jan. 8 _. Jan. 15 Jan. 22 Jan. 29 _ Feb. 5 _... Feb. 12 2,020 2,041 2,035 1,990 1,963 1,941 1,930 1,917 748 752 748 727 717 712 699 686 782 800 780 773 759 755 753 754 'Country' banks Total—all member banks New York City* 587 578 580 585 578 573 570 559 551 536 512 503 104.7 56.6 66.5 55.6 66.8 128.9 124.4 100.6 120.3 129.1 57.0 66.3 51.5 11.6 19.4 7.2 15.5 71.4 60.6 34.3 53.8 52.5 10.7 18.5 22.5 18.2 18.7 20.2 23.6 27.0 32.8 35.7 36.7 39.7 19.4 16.9 30.7 26.7 28.4 28.2 27.7 30.5 30.9 30.6 29.8 37.0 26.9 30.9 35.4 4.5 1.8 29.2 8.4 17.5 9.1 7.6 6.0 4.8 4.5 10.5 4.9 22.5 1.1 3.2 21 L9 5.8 11.7 489 489 507 490 487 474 478 477 1 * Central reserve city banks only. Back figures.—See (for monthly data) BULLETIN for June, 1931, p. 347. Other reserve cities 'Country' 1 banks Figures not available by weeks. MEMBER BANK DEPOSITS [In millions of dollars] Averages of daily figures Net demand and time deposits Net demand deposits Time deposits Month i Totalall member ! banks Total- I N e w New Other "Coun- all mem- Y o r k ' r Oe st ehrevre try" York reserve ber banks City i cities City* | cities banks Total' Coun- all memtry" ber banks banks New York City i Other reserve cities 'Country" banks J 1931—January February March April May June. July August September October. November December j 32.048 1 31,968 32,069 .; 32,179 ! 32,168 i 31,602 j 31,526 _i 31,041 ! 30,500 ! 29,138 ' 28,218 _' 27,438 ! _ 1932—January ! 26,592 i Central reserve city banks only. 12,942 12,932 13,003 13,181 13,157 12,939 12,831 12,702 12,356 11,657 11,350 11,048 11,662 11,583 11,594 11,662 11,573 11,432 11,371 11,192 11,018 10,544 10,256 9,976 6,165 ! 10,706 9,720 7,445 7,453 7,472 7,336 7,439 7,232 7,325 I 7,147 7,126 6,937 6,612 6,414 18,572 18,389 18,431 18,491 18,419 18,055 18,122 17,783 17,525 16,859 16,358 15,985 6,163 6,120 6,169 6,019 6,094 5,934 6,064 I 5,946 5,962 | 5,872 j 5,653 ! 5,546 I 15,447 11 5,343 7,243 7,170 7,159 7,309 7,236 7,132 7,102 7,012 6,805 6,421 6,273 6,106 5,165 5,099 5,103 5,163 5,090 4,988 4,956 4,825 4,758 4,567 4,432 4,333 13,477 13,580 13,637 13,688 13,749 13,548 13,404 13,259 12,974 12, 279 11,860 11,452 5,921 4,183 11,145 ! 1,282 1,334 1,303 1,317 1,345 1,297 1,260 1,201 1,163 1,065 959 868 5,698 5,761 5,843 5,872 5,921 5,807 5,728 5,691 5,552 5,236 5,076 4,942 6,496 6,485 6,491 6,498 6,483 6,444 6,415 6,367 6,259 5,977 5,825 5,643 822 4,786 5,537 152 FEDERAL RESERVE BULLETIN MARCH, 1932 ALL MEMBER BANKS—CLASSIFICATION OF LOANS AND INVESTMENTS [In millions of dollars] ! Loans to other customers Total ! Loans loans to and invest-! banks ments Cal] date Purchased paper | SeSecured cured by by stocks real and estate bonds Total Investments Open-market loans Otherwise | se- ! cured Total and unsecured i Acceptances payable in United States Loans to broCom- kers merin cial New paper Yorki Acceptances payable abroad Total Total loans seU.S. cured Govby Other j ernstocks ment securand ities securbonds* ities 1 I ; TOTAL—ALL MEMBER BANKS 1928— Oct. 3 . . . Dec. 3 1 . . 1929—Mar. 27.. June 29.. Oct. 4 . . . Dec. 3 1 . . 1930—Mar. 27.. June 30.Sept. 24.. Dec. 3 1 1931—Mar. 25.. June 30_. Sept. 29.. Dec. 31 . 34,929 35, 684 35, 393 35, 711 35,914 35,934 35,056 35,656 35,472 34,860 34, 729 33,923 33,073 ! 30, 575 548 538 548 670 640 714 527 535 466 631 446 457 599 790 21, 242 21,462 21,903 22, 516 23, 249 23,194 21,495 21,565 21,010 21,007 19,940 19,257 18, 713 17,570 : 7,197 7,951 7,726 8,160 8,150 1 8,774 ! 8,238 ' 8,798 8, 557 8,582 8,473 8,287 8,253 7,460 287 288 251 314 302 322 199 196 169 283 154 150 250 374 1928—Oct. 3 — Dec. 3 1 . . 1929—Mar. 2 7 June 29— Oct4 Dec. 31 — 1930—Mar. 2 7 June30_. Sept. 24.. Dec. 3 1 - . 1931—Mar. 25.. June 3 0 Sept. 29_. Dec. 3 1 - . "COUNTRY" BANKS 1928—Oct. 3_ Dec. 31 1929—Mar. 27. June 29 Oct. 4 Dec. 3 1 . — 1930—Mar. 27 .._. June 30 Sept. 24 Dec. 31 1931—Mar. 25 June 30 Sept. 29 Dec. 31 NEW YORK CITY 3 1928—Oct. 3—. Dec. 3 1 . . 1929—Mar. 27.. June 2 9 Oct. 4__. Dec. 31. 1930—Mar. 27.. June 30 Sept. 24 Dec. 31 1931—Mar. 25 June 30. Sept. 29 Dec. 31 OTHER RESERVE CITIES 4,386 4,312 4,454 4,155 4,022 3,863 4.085 4,061 4,095 4,125 5,002 5,343 5,564 5,319 6,218 6,217 5,994 5,898 5,727 5,921 5,852 6,380 6,639 6,864 6,886 6,763 6,635 5,996 8,819 10,172 9,693 10,094 10,314 10, 505 10,334 10,656 10, 511 9,754 9,272 8,563 8,081 7,320 880 1,639 1,102 1,359 1,096 1,202 1,477 1,883 1,714 1,281 1,367 1,063 839 542 1,942 1,130 1,094 1,933 1,972 1,135 1,819 1,006 1,807 989 1,112 2,091 1,150 2,046 1,147 2,203 1,091 2,198 2,435 1,239 1,466 2,662 2,801 | 1,656 1,830 3,032 2,697 1,768 813 839 838 813 817 979 897 1,056 1,107 1,197 1,196 1,145 1,202 928 2,560 3,491 2,971 3,393 3,191 3,562 3,504 3,983 3,798 3,550 3,397 3,026 2,780 2,474 199 150 147 88 75 108 242 301 337 212 212 189 167 62 641 541 423 349 413 250 609 353 643 167 227 124 56 16 3,935 1,894 1,836 3,844 1,896 3,736 1,765 3,611 1,671 3,388 1,484 3,253 1,662 3,416 3,685 ! 1,686 3,947 1,785 1,727 4,035 2,313 4,676 2,408 4,750 2,301 4,561 2,133 4,226 2,041 2,008 1,840 1,846 1,717 1,769 1,754 1,999 2,161 2,308 2,364 2,342 2,260 2,093 4,130 4,381 4,292 4,221 4,429 4,397 4,368 4,306 4,387 3,991 3,729 3,459 3,317 3,050 195 211 192 140 144 163 207 171 164 120 114 101 81 48 378 376 354 316 376 208 258 129 115 49 36 30 32 10 4,727 4,751 4,740 4,623 4,554 4,439 4,475 4,554 4,589 4,519 4,550 4,555 4,606 4,392 6,646 7,348 7,540 7,734 8,109 8,488 7,730 8,061 7,864 7,942 7,423 7,117 6,842 6,290 3,089 3,123 3,123 3,164 3,152 3,191 3,170 3,155 3,163 3,234 3,220 3,216 3,149 3,038 11,507 10,991 11,240 11,618 11,988 11,515 10,595 10,349 9,982 9,831 9,298 8,922 8,722 8,244 2,537 3,158 2,494 2,472 2,276 2,243 3,097 3,113 3,262 2,233 2,454 2,103 1,563 901 80 109 146 108 93 212 175 170 205 315 361 389 268 146 101 103 93 90 70 80 79 71 62 55 101 113 70 41 457 390 376 249 228 291 499 507 523 366 361 384 296 140 1,899 2,556 1,879 2,025 1,885 1,660 2,344 2,365 2,472 1,498 1,630 1,217 928 575 3,919 3,940 4,253 4, 532 4,846 4,964 4,338 4,308 4,276 4,338 4,007 3,839 3,850 3,694 ; 1,536 1,708 1,744 ': 1,877 1,944 i 2,200 1,936 2,022 2,031 2,137 i 1,960 1,897 1,816 1,728 : 130 132 148 175 176 169 150 157 157 147 150 160 152 153 2,253 2,100 2,361 2,480 2,726 2,595 2,252 2,129 2,087 2,054 1,896 1,782 1,881 1,813 1,048 1,790 1,250 1,496 1,196 1,397 1,655 2,091 1,912 1,525 1,651 1,497 1,121 695 50 61 59 58 59 128 89 144 148 188 199 296 201 107 55 61 52 58 33 46 40 29 28 22 51 44 33 17 63 29 37 21 8 21 49 35 22 34 35 94 48 29 214 14,121 14,066 213 13,925 258 13, 832 308 13,983 294 13,785 346 13,575 263 277 13, 701 235 13,971 13,758 286 13,965 235 13,567 1 247 284 13,016 12,115 347 9,096 9,267 9,286 9,434 9,775 9,748 8,951 9,029 8,726 8,906 8,409 8,100 7,845 7,407 3,382 3,734 3,740 3,718 3,869 ; 3,975 3,604 3,811 3,632 3,656 ; 3,366 i 3,188 I 3,092 2,806 1, 536 1,547 1,509 1,503 1,491 1,559 1,544 1,524 1,526 1,631 1,619 1,621 1,585 1,538 4,178 3,986 4,036 4,213 4,415 4,214 3,802 3,693 3,567 3,620 3,423 3,291 3,168 3,063 875 742 645 480 526 438 945 710 1,064 531 645 470 326 135 6 18 43 17 8 51 59 18 54 122 158 91 67 35 30 34 32 25 31 29 35 38 31 29 48 67 35 21 13,612 13,667 13, 741 13,719 13,780 13,375 13, 243 13,157 12,944 12, 519 12,290 12,068 11,805 10,999 8,225 8,254 8,364 8,551 8,627 8,481 8,206 8,229 8,007 7,762 7,524 7,318 7,018 6,469 i 1,727 1,906 ; 2,056 ; 2,139 2,295 2,314 2,190 2,227 i 2,200 1 2,149 2,097 2,031 1,935 1,756 1,423 1,444 1,465 1,486 1,482 1,462 1,475 1,475 1,480 1,455 1,449 1,437 1,411 1,346 5,075 4,904 4,843 4,926 4,847 4,705 4,541 4,527 4,326 4,158 3,978 3,849 3,673 3,367 614 625 598 496 553 409 496 312 286 177 158 135 116 71 24 30 44 33 27 33 27 8 4 5 5 2 1 4 17 8 8 7 6 5 4 4 4 3 2 2 2 2 46 37 39 49 45 45 65 63 62 62 58 60 64 69 10,604 10,529 10,448 10,052 9,749 9,784 9,937 10,442 10, 734 10,989 11,889 12,106 12,199 11,314 1,362 3,365 1,382 3,370 1,424 3,316 1,384 3,240 1,361 3,193 1,267 3,172 1,273 3,202 1,229 3,326 1,219 3,370 1,159 3,359 1,224 ! 3,326 \ 1,279 , 3,276 1,433 3,172 ! 1,418 2,974 | 2,129 2,300 2,429 2,480 2,694 2,545 2,462 2,367 2,326 2,213 2,147 2,078 1,985 1,796 I 1 Loans (secured by stocks and bonds) to brokers and dealers in securities at New York City. 2 Including loans to banks secured by stocks and bonds, reported separately after 1929 and estimated for preceding dates as one-half of total loans to banks. 3 Central reserve city banks only. Back figures.—This classification of loans is not availabe for dates prior to Oct. 3, 1928, but comparable figures of total loans secured by stocks and bonds are given for June 30, 1925-1928, in the board's Annual Report for 1928 (Table 52); for separate figures of United States Government securities and other securities back to 1914, see Annual Report for 1930 (Table 47). 153 FEDEEAL RESERVE BULLETIN MARCH, 1032 ALL BANKS IN THE UNITED STATES—TOTAL LOANS AND INVESTMENTS, DEPOSITS [In millions of dollars. Includes national banks, State commercial banks and trust companies, mutual and stock savings banks, and all private banks under State supervision. For backfiguressee May BULLETIN (p. 253) and Annual Report for 1930 (Tables 42-43)] Total loans and investments Date Total 1928—June 30 Oct. 3 Dec. 31 1929—Mar. 27 June 29 Oct. 4 Dec. 3 . 1930—Mar. 27. June 30. Sept. 24 Dec. 31. 1931—Mar. 25. June 30. Sept. 29. Dec. 3 1 . r Member banks All banks _ 57,265 57,219 ! 58,266 1 58,019 58,474 58,835 58,417 57,386 58,108 57, 590 56, 209 55,924 55,021 53,365 Loans Investments 39,464 17,801 39, 671 17,549 17,504 40,763 40, 557 17,462 41, 512 16,962 16, 634 42,201 41,898 16, 519 40, 686 16, 700 40,618 17,490 39, 715 17,875 38,135 18,074 36,813 19, 111 35,384 19,637 '33,750 ' 19,615 Total 35,061 35, 684 35,393 35, 711 35,914 35, 934 35,056 35, 656 35,472 34,860 34, 729 33, 923 33,073 30,575 Total 24,303 24, 325 25,155 24,945 25,658 26,165 26,150 25,119 25, 214 24,738 23,870 22,840 21,816 20,874 19, 261 Deposits (exclusive of interbank deposits) Nonmember banks 10,758 22, 204 10,604 22,291 10,529 22, 582 10,448 10,052 22, 763 9,749 22,922 9,784 22,483 9,937 22,331 10,442 22, 453 10, 734 22,118 10,989 21,349 11,889 21,195 12,106 21,099 12,199 ' 20,292 11, 314 Loans 15,161 15,346 15, 607 15,612 15,853 16,036 15, 748 15, 568 15,404 14,977 14, 264 13,974 13,568 ••12,876 Investments All banks 7,043 6,945 6,975 7,013 6,910 6,885 6,735 6,763 7,048 7,141 7,085 7,222 7,531 ' 7,416 53, 720 56, 766 54, 545 53,852 55,180 55, 289 53,185 54,954 52,784 53,039 51,427 51, 782 49,152 Mem- Nonber member banks banks 32,133 32,138 34,826 33, 215 32,284 33,004 33,865 32,082 31,839 32, 560 31,153 31,566 29,469 21, 265 21,582 21,940 21,330 21, 567 22,176 21,424 21,103 21, 264 20,945 20,479 20, 274 20,216 '19,683 I Revised. NUMBER OF BANKS BANK LOANS AND INVESTMENTS, PERCENTAGE DISTRIBUTION Member banks Date Total 1 Total 1925—Dec. 31. 28,257 1926—Dec. 3 1 . 27, 367 9,260 National 7,906 State Nonmember banks 1,441 18,768 1,354 18.107 [Figures for September 29,1931] Total loans and investments Number of banks Amount Percent(millions age disof dollars) tribution All banks in the United States ' 21,294 Member banks—total | 7,599 17,021 1,244 8,929 25,941 7, 685 1928—June 3 0 Reserve city banks (62 cities) 420 16, 739 8,837 1,208 Dec. 31— 25,576 7, 629 Central reserve city banks— 42 New York City 1,177 16,403 8,707 25,110 1929—June 29.. 7,530 Chicago _ 12 8,522 1,119 Dec. 29.. 7,403 24, 630 16.108 Other reserve city banks— 9 New York City 15, 537 8,315 23,852 7,247 1,068 1930—June 3 0 Chicago 25 14, 717 8,052 1,019 22, 769 7,033 Dec. 3 1 . . Other Federal reserve bank cities 101 (10 cities) 982 14,121 7,782 21,903 6,800 1931—June 30— Federal reserve branch cities (25 946 1 13,695 7,599 21,294 6,653 Sept. 29.. 139 cities) 878 7,246 6,368 Dec. 31— 92 Other reserve cities (25 cities) 7,179 "Country" banks l ' 13,695 Nonmember banks ! "-i All banks in the United States; includes national banks, State commercial banks and trust companies, mutual and stock savings banks, and allr private banks under State supervision. ri Includes certain outlying banks in reserve cities. Revised. Revised. 1927—June 30.. Dec. 31.. 26,765 26, 416 9,099 9,034 7,790 7,759 1,309 1,275 17,666 17,382 r 53, 365 100 33,073 62 21,269 40 8,253 1,644 15 32 83 5,626 11 4,392 1,238 11,805 ' 20, 292 2 22 154 FEDERAL RESERVE BULLETIN MARCH, 1932 REPORTING MEMBER BANKS BROKERS' LOANS [In millions of dollars. Monthly data are averages of weekly figures] REPORTED BY THE NEW YORK STOCK EXCHANGE [Net borrowings on demand and on time. In millions of dollars] Loans and investments BorInvestments row- Month or date Total ings at Loans All F.R. on se- other curi- loans U.S. banks ties Total Total End of month 1931 BY MONTHS Total: 1931—January. February March April May June --July — August September October November December 1932—January. February New York City: 1931—January February March April May --June July. -— August September—. October November— December 1932—January February Other leading cities: 1931—October November December 1932—January February 22,660 22,659 22,839 22,942 22, 713 22,439 22, 393 22,093 22,078 21,425 21,023 20, 749 20,178 19, 775 7,495 7,315 8,242 7,302 8,150 7,157 8,040 7,893 6,770 7,853 6,631 ,7,964 .,___ 6,480 i 7,900 6,413 I 7,870 5, 971 7, 679 5,859 7,586 - — 5,763 7,441 5,644 7,331 5,497 7,214 6,766 7,102 7,387 7,745 7,822 7,816 7,798 7,713 7,795 7,775 7,578 7,545 7,203 7,064 3,163 3,385 3,638 3,913 3,957 4,048 4,121 4,074 4,154 4,171 4,072 4,127 3,943 3,856 2,277 2,237 2,209 2,127 2,323 1,254 2,476 1,353 2,504 1,391 2,567 1,414 2,642 1,460 2,644 I 1,523 2,651 1,608 2,623 1,600 1,652 2,712 2,825 1,750 2,738 1,705 1,732 2,710 2,492 1,631 I 2,347 1,521 j 3,602 3, 582 3,526 3,435 3,370 5,407 5,343 5,223 5,111 5,043 4,950 4,840 4,835 4,711 4,717 2,421 ! 2,367 ! 2,395 2,312 i 2,335 j 324 388 416 435 461 7,256 7,212 7,217 7,171 7,149 7,069 7,040 6,997 3,925 3,853 3,840 3,806 492 472 493 478 3,111 3,079 3,176 3,080 13,959 13, 765 13, 584 13,257 13,130 2,846 2,764 2,640 2,657 Month or date 74 16 83 34 23 BY WEEKS Total: 1932—Feb. 3 Feb. 10 Feb. 17 Feb. 24 New York City: 1932—Feb. 3 Feb. 10 Feb. 17 Feb. 24 Other leading cities: 1932—Feb. 3 _. Feb. 10 Feb. 17 Feb. 24 19,979 5,574 19, 785 5,504 19, 731 5,474 19,606 5,438 1931 1932 1931 1932 3.720 138 1,557 January. 512 374 163 140 194 February 525 1,646 385 L,840 1,692 217 L,909 82 March 185 April L 651 1 466 57 141 1,293 L,435 35 May 1,221 170 L, 391 26 June 173 1 171 L 344 28 July 194 August 1,354 1,160 56 112 L,044 932 44 September . 688 1C8 October 796 75 582 148 730 127 November 455 132 December 587 398 404 499 Back figures—See Annual Report for 1930 (Table 57). 469 484 MADE BY REPORTING MEMBER BANKS IN N. Y. CITY 5 2 [In millions of dollars. Monthly data are averages of weekly figures] 2,472 2,410 2,295 2,242 2,194 2,204 2,365 2,370 2,375 2,272 2,243 2, 218 2,220 2,171 7,906 7,965 7,975 7,889 7,875 7,694 7,780 7,633 7,744 7,466 7,258 7,165 6,921 6,645 1932 From New From private York banks banks, brokers, and trust com- foreign banking agencies, etc. panies 6,794 6,638 6,603 6,544 2,178 2,124 2,112 2,092 2,181 2,168 2,177 2,158 2,435 2,346 2,314 2,294 1,593 1,520 1,496 1,477 35 15 20 20 13,185 13,147 13,128 13,062 3,396 3,380 3,362 3,346 5,075 5,044 5,040 5,013 4,714 4,723 4,726 4,703 2,332 2,333 2,344 2,329 457 457 473 458 1931—January February... March April May June July August SeptemberOctober NovemberDecember-. 1932—January February... Feb.3 Feb. 10 Feb. 17 Feb. 24 Total For account of For acFor own ac- out-of- count of count * town 2 others banks 1,798 1,759 1,858 1,824 1,644 1,464 1,434 1,342 1,268 921 802 655 544 495 1,132 1,186 1,335 1,322 1,279 1,110 1,062 951 943 674 588 554 473 417 329 290 264 271 191 181 204 226 174 90 124 88 65 72 505 486 499 489 432 401 418 416 66 78 74 68 337 283 259 231 174 173 168 165 151 157 3 90 13 i W e e k l y reporting m e m b e r b a n k s in N e w Y o r k C i t y . » M e m b e r a n d n o n m e m b e r b a n k s outside N e w Y o r k C i t y (domestic b a n k s only) includes u n k n o w n a m o u n t for customers of these b a n k s . » N e w clearing-house rule relating to " L o a n s for account of others'* became effective N o v . 16; see p . 657 of B U L L E T I N for D e c e m b e r , 1931. Back figures.—See A n n u a l R e p o r t for 1930 ( T a b l e 56). 155 FEDERAL RESERVE BULLETIN MARCH, 1932 ACCEPTANCES AND COMMERCIAL PAPER B A N K E R S ' ACCEPTANCES OUTSTANDING CEPTANCES) (DOLLAR AC- CLASSES OF BANKERS' ACCEPTANCES ACCEPTANCES) [In millions of dollars] [In millions of dollars] [ Based on goods stored in United Based States on ex- (wareports house from credits) U. S. or shipped between domestic points Held by Fedb y group of aceral reserve Held cepting banks banks End of month Total outstanding 1930—January February... March April _ May _. June .» July August September . October November.. December.. 1931—January February... March. April 1,693 1,624 1,539 1,414 1,382 1,305 1,350 1,339 1,367 1,508 1,571 1,556 1,520 1,520 1,467 1,422 1,413 May 1,368 June.. 1,228 July 1,090 August September.. 996 1,040 October November.. 1,002 ! 974 December.. 1932—January February 961 For acFor count own of foreign Total account correspondents (DOLLAR Held by Own Bills bills bought others 293 269 277 208 184 127 129 167 208 141 143 328 526 503 482 465 463 470 479 471 432 433 429 439 220 183 167 158 166 205 279 267 317 384 493 371 63 71 72 55 63 64 63 95 131 172 180 90 157 112 95 103 103 141 216 172 186 212 313 282 663 669 613 582 570 503 463 434 411 550 507 417 89 85 123 162 124 95 39 70 420 647 418 305 447 456 431 409 380 341 243 228 100 99 126 251 571 550 472 410 464 554 668 606 410 230 296 262 134 151 131 125 171 196 232 168 162 112 125 131 437 398 341 285 293 357 436 438 248 118 171 131 412 429 441 441 444 379 278 186 66 63 162 156 119 76 314 312 332 159 174 195 i Figures for acceptances outstanding (and held b y accepting banks) from American Acceptance Council. Back figures.—Bee Annual Reports for 1929 (Table 58) and 1928 (Table 61). ACCEPTANCES PAYABLE I N F O R E I G N C U R R E N C I E S H O L D I N G S O F FEDERAL R E S E R V E BANKS 1931—January February March April May June July August September October November December 1932—January 1,520 1,520 1,467 1,422 1,413 1,368 1,228 1, 090 990 1,040 1,002 974 961 HELD BY FEDERAL RESERVE BANKS (OWN ACCOUNT) 1931—January February. March April May June July... August September October November December 1932—January _. 171 104 1 Total holdings of Federal reserve banks include a small amount of unclassified acceptances. Back figures.See Annual Report for 1930 (Tables 61 and 14). COMMERCIAL PAPER [In thousands of dollars] OUTSTANDING [In millions of dollars] End of month 1929 1930 1,019 1,029 1,036 1,036 1,040 1,043 2,061 12,346 16,955 17, 064 1,027 1,030 1,035 1,038 1,040 1,054 1,058 1,064 1,065 1,071 1, 075 21, 583 31, 587 35, 983 1931 1932 End of month January. __ FebruaryMarch,. _. April May _ June _ July August September October.. . November December. 36,119 23, 958 1,063 1,074 1,073 10, 551 34, 371 145, 215 48,804 33, 501 33,386 33,429 33, 444 33,478 Back figures—See Annual Report for 1928 (Table 12), 1927 (Table 12), 1926 (Table 24), etc. January... February.. March April _ May June _ July.. August September October November. December. 1929 407 411 387 351 304 274 265 267 265 285 316 334 1930 404 457 529 553 541 527 528 526 513 485 448 358 1931 327 315 311 307 305 292 289 271 248 210 174 118 Figures for commercial paper as reported b y about 20 dealers. Back figures.—See Annual Report for 1930 (Table 60). 1932 08 156 FEDERAL RESERVE BULLETIN MARCH, 1932 BANK SUSPENSIONS AND BANKS REOPENED [Figures for latest month are preliminary] Banks suspended Banks reopened Deposits (in thousands of dollars) Number Deposits (in thousands of dollars) Number Year andjnonth Members All banks 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 5011 354! 648|j 776! 612 956 662i 491! 642: 1,345 ! 2, 298! _ 1930—SeptemberOctober NovemberDecember.. 1931—January February. _. March April May June July August SeptemberOctober NovemberDecember. _ 1932—January February— 66 72 254 344 202 77 86! 64 91 167 93 158 305 522 175 358 342 115 Nonmembers State 51 45 90 122 118 125 91 57 64 161 409 7 10 26 49 20 15 18 17 24 26 16 29! 46. 100' 35 631 74! 241 19 12 34 37 28 35 33 16 17 26 108 2 Members All banks i ; s t a t e 431 196,460 21,285 21, 218 297 110, 7211 19,092 5,151 524 188, 701 32,904 18,324 617 213,338 13,5801 466 172,900 58, 537 8, 727' 796 272,488 47,866 20,946; 538 193,891 46, 581 19,755i 418 138,642: 31,619 10,621 37,007 20,128 561 234,532 1,158 864,715! 173,290 207,150 1,7811,691,510' 439,171 294,357 7 7 6 5 1 3! 2; 10! 2! 12, 16! 25! 81 18' 13 51 Members Nonmembers All banks 153,957 86,478 137,473 138,869 105,636 203, 676 127, 555 96,402 177,397 484,275 957,982 57 23, 666, 62 24,599j 221 186,306: 367,119 176 76, 553 57 34,616 67 34,320 44 41, 683 65 43,493 131 190,480 75 40, 745 117 180,028 243 233,505 397 471,380 132 67, 656 277 277,051 1,769 171 21,726 3,336 21,263 62, 373 35,742 88,191 44,884 163,993 158,242 14,569 7,615 54,369 5,822 7,901 20,893 108 23, 313 10,899 19,921 2,264 19,498 5,055 26,118 12,320 31, 368 39,434 119, 678 1,805 31, 895 7,045 31,629 52, 660 95,739 79,446 30,272 123, 7871 111, 088 117, 259 243,033I 28,039 4,216 35,4011 87,448 25,' "" 163,835J 255 225, 474 63, 6S6 11,763 150,025 9,172 33, 777 60,047 17, 098 National State NonAll members banks Members National State 50 17,493 2,499 41 35,565 8,076 23 11, 674 3,973 74 22,462 6,895 48 16,618 6,300 135 60,610; 4,665 84 35,729! 5,073 417 34 15,727! 53 25,829! 1,607 1,872 140' 61,599 245158,187 26,182 60 65 37 94 62 149 95 39 58 147 276 4 11 23 43 4 10! 22 43: 55i 43j 29 24: 7, 3| 9| 41 58 49 31! 20^ 17 28 16! 28: 633 3,542 1,095 295 479 3,514 3,238 6,193 Nonmem* bers 14,361 23,947 6,606 15,272 52,431 27,418 9,117 23,556 58,061 762 104,243 1,688 1, 11,972 351 12,323 6,770 208 6,978 16,340 16,340 1,654 202 17,466 19,322 17,157 2,422 911 13,824 11,788 3,381 8,407 23,613 10, 693 5,200 7,720 3,890 3,489 401 24,522 5,015 18,~801 706 2,525 2,525 14,396 14,396 4,258 4,258 4,105 5,096 991 13,041 j j 1,036 2,648 9,357 18, 57911 17,990 589 7,659 10,952Ji 3,293 9,974 11,83511 1,861 NOTES Banks suspended and banks reopened.—The statistics of b a n k suspensions relate to b a n k s closed t o t h e public, on account of financial difficulties, b y order of supervisory authorities or directors of t h e b a n k . Some b a n k s reopen before t h e e n d of t h e calendar m o n t h in which t h e y were closed; such b a n k s are included in t h e record of suspensions for t h e m o n t h as given in t h e table. Reopenings are recorded as of t h e m o n t h in which t h e y occur, a n d include for a n y given m o n t h reopenings b o t h of b a n k s closed during t h e m o n t h a n d of b a n k s closed earlier. Deposits.—Figures of deposits in b a n k s suspended are as of date of suspension whenever d a t a as of this d a t e are available; otherwise t h e y are as of t h e latest available call d a t e prior to suspension. For b a n k s reopened t h e figures of deposits are not as of d a t e of reopening, which are seldom available, b u t are t a k e n from t h e record of suspensions. Revisions.—All figures of latest m o n t h are preliminary, based on information available early in t h e following m o n t h , usually about t h e t h i r d business d a y . Revisions t h a t can b e m a d e within another m o n t h usually include most of t h e i m p o r t a n t ones, b u t information requiring further revisions, especially in t h e figures of deposits, sometimes comes in considerably later. Back figures.—See annual report for 1930 (Tables 66 a n d 67). MEMBER BANK HOLDINGS OF ELIGIBLE ASSETS (GOVERNMENT SECURITIES AND ELIGIBLE PAPER) COMPARED WITH BORROWINGS AT FEDERAL RESERVE BANKS [In millions of dollars. Back figures not available] Holdings of Government securities 1 and eligible paper (including paper under rediscount) By reserve city banks Date 1926—June 30. 1527—June 30. 1928—June 30. Oct. 3_Dec. 31. 1929—Mar. 27. June 29. Oct. 4._ Dec. 31. 1930—Mar. 27 June 30. Sept. 24 Dec. 31. 1931—Mar. 25. June 30. Sept. 29 Dec. 31. u. s. Government securities Eligible paper 2,210 2,299 2,714 2,823 2,730 2,832 2,577 2,469 2,403 2,619 2,640 2,682 2,777 3,584 3, 871 3,942 3,706 2,825 2,775 2,680 2,551 2,349 2,582 2,688 2,865 2,713 2,542 2,285 2,271 2,100 2,045 1,870 1,787 1, 505 Total 5,035 5,074 5,394 5, 374 5,079 5,414 5,265 5,334 5,116 5,161 4,925 4,953 4,877 5,629 5,741 5,729 5, 211 By ' 'country " banks U. S. Government securities Eligible paper 847 862 914 932 974 929 912 814 818 772 764 708 776 836 994 2,100 1,992 1,967 1,817 1,811 1,761 1,773 1,733 1,684 1,662 1,620 1,541 1,438 1,373 1,328 1,209 1,068 Total i j i I I ! I I i I j ! I I 2,984 2,839 2,829 2,731 2,744 2,735 2,702 2,645 2,498 2,480 2,392 2,305 2,146 2, 149 2,164 2,203 2,056 B y all m e m b e r b a n k s U. S. Government securities Eligible paper 3,094 3,146 3,576 3,738 3,662 3,807 3,506 3,381 3,217 3,438 3,412 3,446 3,485 4,360 4,707 4,936 4,694 4,925 4,767 4,647 4,368 4,160 4,343 4,461 4,598 4,397 4,204 3,905 3,812 3,538 3,418 3,198 2,996 2,573 1 Exclusive of approximately $650,000,000 of Government securities pledged against national bank note circulation. Total 8,019 7,913 8,223 8,106 7,822 8,150 7,968 7,979 7,614 7,642 7,317 7,258 7,023 7,778 7,905 7,932 7,267 Member bank borrowings at Federal reserve banks 516 441 1,096 1,020 1,041 981 1,029 899 646 206 274 173 248 165 147 323 623 157 FEDERAL RESERVE BULLETIN MARCH, 1932 FEDERAL RESERVE BANK RATES OPEN-MARKET RATES DISCOUNT RATES RATES IN NEW YORK CITY [Rates on all classes and maturities of eligible paper] Average rate Average yield on— on— Prevailing rate o n Rate in effect on Mar. 12 Federal reserve bank Oct. Feb. Oct. Oct. Jan. Nov. Oct. Oct. Sept. Oct. Jan. Oct. Boston.. New York Philadelphia.. Cleveland Richmond Atlanta _ Chicago St. Louis Minneapolis. _ Kansas City.. Dallas San Francisco Previous rate Date established 17,1931 26,1932 22,1931 24,1931 25,1932 14,1931 17,1931 22,1931 12,1930 23,1931 28,1932 21,1931 1931 January February March April May June July August September October November December Back figures.—See Annual Report for 1930 (Table 33). BUYING RATES O N ACCEPTANCES [Buying rates at the Federal Reserve Bank of New York] 1^-2J^ 1.50 1.50 1M~2 V/2 2 - 2 M 1.66 1.57 1.45 1.50 \Y-\y 1.50 lY-iy 1.50 1K-2 1 50 2V-A 2.10 3 -4 2.50 3 -4 2.73 1.57 1.50 1.55 1.52 1.45 1.50 1.50 1.50 1.50 2.10 2.50 2.70 1.24 1.06 < 1.38 1.49 * 45 1.70 1.77 4 2.41 3.33 3.40 3.39 3.38 3 31 3.30 3.32 3.34 3 42 3.71 3.69 3.92 33/4 33/_4 2^/-3 gV/_4 2 61 23/-27/6 3U_3a/ 2 50 2.65 2.50 2.48 2.42 4.27 4.12 3^-4 3^-4 3M-4 3M-4 2% 2% 2%-27/i 2*4-2% 2% 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.54 2.65 2.57 2.42 2.11 4.29 4.26 4.23 4.02 3.9o 23/-3 lYs-1% 2V 2V 2V 1 i / _2 2 -2% IY-IV 2 2 2 2 2 - 4 M ii/_3i/ 3 3^-4 January February Week endingJan. 30 Feb. 6 Feb. 13 Feb. 20 Feb. 27 2H\ F e b . 26,1932 2ft\ do 2H\ do 2% | do 2%\ do 2% do _. 3 do 1-15 days._. 16-30 d a y s . . 31-45 d a y s . . 46-60 days... 61-90 d a y s . . 91-120 days . 121-180 days U. S. Treasury notes Treasand ury ReNew bonds3 newal certificates, 3 to 6 months .88 .41 .42 1932 c Maturity Call loans 1 Prime Prime Month or week com- bank- Time ers' mercial acceptloans, paper, ances, 90 4 to 6 days 2 90 months days 33/4-4 3H-3M 3H-3M 3H-3M 3H-3M 3^2-334 1 Stock exchange call loans; new and renewal rates. 23 Stock exchange 90-day time loans. 3 issues—SH,'SU,4 per cent; yields calculated on basis of last redemption dates—1947, 1956, and 1954. NOTE.—Rates on prime bankers' acceptances. Higher rates may be * Change of issues on which yield is computed. charged for other classes of bills. Back figures—See Annual Report for 1930 (Tables 36 and 37). RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES [Weighted averages of prevailing ratesl New York City i 8 other northern and eastern cities 27 southern and western cities Month 1928 January—. February.. March April May June. July August September OctoberNovember. December- 4.56 : 4.44 : 4.59 j 4.72 ; 4.97 ' 5.09 i 5.38 5.56 5.63 5.63 i 5.56 '' 5.63 | 1929 I 1930 5.74 5.73 5.81 5.85 5.88 5.93 5.88 6.05 6.06 6.08 5.86 5.74 5.64 5.35 5.22 4 91 4.74 4.59 4.48 4.41 4.29 4.26 4.17 4.16 1931 1932 1928 1929 1930 4.24 4.31 4.20 4.17 4.11 4.13 4.05 3.97 3.93 4.27 4.67 4.64 4.71 4.71 4.73 4.76 4.81 4.91 5.04 5.36 5.57 5.59 5.80 5.80 5.82 5.91 5.87 5.86 5.91 6.00 6.09 6.02 6.08 6.11 6.24 6.25 6.12 5.94 5.88 5.66 5.47 5.22 5.13 5.06 4.81 4.79 4.74 4.75 4.66 4.68 1931 1932 4.61 4.63 4.62 4.57 4.55 4.49 4.48 4.47 4.48 4.62 4.87 4.91 5.07 5.13 1928 5.53 5.53 5.54 5.54 5.56 5.67 5.77 5.80 5.82 5.87 5.90 5.91 1929 1930 1931 6.12 5.50 '6.05 '5.43 5.40 5.98 5.36 5.86 5 26 5.75 5.34 5.69 ' 5. 63 i 5.30 6.22 j ' 5. 58 ! ' 5 . 2 8 r 5. 55 ' 5.32 6.27 5.38 6.29 ' 5. 54 5.53 6.29 '5.50 6.20 ••5.43 , 5.56 5 94 | 596 6.04 6.07 6.10 6.16 6.17 1932 5.61 5.61 NOTE.—Figures relate to rates charged by reporting banks to their own customers as distinguished from open-market rates (which are given in preceding table). All averages are based on rates reported for 3 types of customer loans—commercial loans, and demand and time loans on securities. The method of computing the averages takes into account (a) the relative importance of each of these 3 types of loans and (b) the relative importance of each reporting bank, as measured by total loans. In the two group averages the average rate for each city included is weighted according to the importance of that city in the group, as measured by the loans of all banks in the city. r Revised. Backfigures.—SeeAnnual Report for 1930 (Table 39). 158 FEDERAL RESERVE BULLETIN MARCH, 1932 SECURITY PRICES AND SECURITY ISSUES SECURITY PRICES [Index numbers of Standard Statistics Co. Monthly data are averages of weekly figures] Common stocks (1926=100) BuildChain ing mobile equip- store ment N u m b e r of issues. 1 421 351 ! 33 37 13 109 112 120 122 109 98 95 102 94 103 | 100 110 105 112 97 100 87 89 77 87 74 75 90 66 89 56 76 48 65 46 68 33 54 158 163 178 189 170 156 153 158 154 132 112 115 100 106 120 129 117 110 101 105 103 85 70 75 65 | 94 64 60 54 53 81.0 ! 96.5 80.3 ! 96.3 1932—January February.. 2 20 121.7 123.6 124.8 126.4 125.3 122.6 119.7 121.1 I 120.7 I 116.1 J 109.4 i 108.5 | 99.1 60 ! 97.8 99.6 99.4 100.0 99.6 99.7 99.4 99.4 98.5 95.6 89.4 89.0 81.6 1930—December.. 1931—January . . . February... March April May June July August SeptemberOctober November.. December.. Jan. Feb. Feb. Feb. Feb. Selected groups of industrial issues | Pre Bonds1! ferred 2 Rail- Public j stocks : Total Industrial road utility Auto- Month or date 81.3 80.4 79.4 80.6 80.6 27 3 10 17 24 96.3 96.2 95.6 96.6 96.6 53 53 49 55 55 37 34 37 35 31 36 35 91 91 86 97 97 ; ; ! I 61 61 56 64 60 Cop- i Elec- Matrical and equip- chinbrass i ment Chem- per ical 10 ! 12 16 11 71 74 78 81 70 59 58 60 58 47 38 39 ! 31 [ 78 78 86 90 86 89 89 89 92 80 70 69 57 168 162 174 173 148 127 128 131 127 110 90 96 79 80 82 91 96 79 67 62 66 61 50 43 45 35 31 30 57 56 80 79 32 30 29 27 31 31 58 57 52 58 58 77 77 72 83 83 j i ! j 36 | ! 33 33 31 33 32 182 176 194 201 172 159 157 161 155 132 113 114 94 117 120 126 125 109 89 83 88 84 72 59 61 46 Steel Oil Textile 15 10 28 88 89 91 S5 74 63 63 67 70 60 53 57 44 125 124 132 133 116 94 85 88 81 72 59 59 41 51 53 55 58 52 47 45 46 45 40 36 36 31 43 42 85 77 31 31 i 77 74 68 83 81 41 ' 42 40 44 i 44 i 31 30 30 31 31 Average price of 60 high-grade bonds adjusted for differences in coupon rate and maturity. 20 high-grade industrials; average price. CAPITAL ISSUES UNITED STATES GOVERNMENT SECURITIES [Long-term; i. e., 1 year or more. In millions of dollars] [In millions of dollars] New issues i Total (do- 1 Year and month mestici and ! for- ! eign) | 4,427 _ _ 5,557 6,201 6,314 7,556 8,040 10,091 6,909 '3,083 1923 1924-. 1925 1926 1927___ 1928 1929 1930 1931 Domestic Total1 State Corporate and munici- Bonds and Stocks , Pal notes 1,043 4,006 1,380 4,588 5,125 ! 1,352 1,344 5,189 1,475 6,219 1,379 6,789 1,418 9,420 1,434 6,004 2,854 j 1,229 1,976 2,200 2,452 2,667 3,183 2,385 2,078 2,980 1,239 659 829 1,153 1,087 1,474 2,961 5,924 1,503 311 421 969 1,076 1,125 1,337 1,251 671 905 '229 682 759 925 1,046 2,220 1,858 1,422 711 '949 235 48 250 166 132 100 113 34 94 14 26 28 45 27 9 102 29 6 2 12 12 4 24 39 96 182 '18 '142 203 '123 144 45 6 44 1 20 21 42 4 1931 January February. March April May June JulyAugust October November. December 1932 January.. . Foreign Refunding issues (domestic and foreign) . 430 '207 '557 412 '348 '259 228 120 241 44 '111 119 334 202 i 550 369 333 224 226 120 217 ! 44 109 119 ; 49 119 276 101 172 118 96 74 Ill 15 52 179 179 | 133 40 ••5 '7 43 '15 '35 2 0 24 o '2 0 14 1 Includes issues of Federal land banks and Federal intermediate credit banks, not shown separately. ' Revised. Sources.—For domestic issues: Commercial and Financial Chronicle; for foreign issues (issues publicly offered), annual totals are as finally reported by Department of Commerce, while monthly figures are as compiled currently and are subject to revision. Outstf Hiding at end of month Total Bonds CertifBonds Certifand icates and icates Bills and Total notes notes bills 15,933 15,824 15,927 15,933 15,744 14,498 14,457 14,457 14,456 14,454 Month 1930 August September October November December _ Total (12 mos.) 1931 January February March April 14,594 14,573 16,280 13,838 16,368 13,567 16,245 13,323 16,520 14,152 16,522 14,178 16,585 14,179 17,048 14,980 17,028 14,981 17,040 14,955 17,528 "15,092 15,913 _ _ _ 15,979 . . May June July August September October November December Total (12 mos.)1932 January Increase or decrease (—) during month 17,515 15,102 1,435 1,367 1,470 1,477 1,320 1,319 1,406 2,442 2,801 2,922 2,368 2,344 2,406 2,068 2,047 2,085 2,436 2,413 14 -109 103 6 -159 —1 -41 —1 -2 -55 15 -51 103 7 -102 -255 -169 -114 28 139 66 301 88 -123 275 2 63 463 -20 12 488 139 -21 -735 -271 —244 829 26 1 801 1 -26 137 1,036 204 125 -633 -22 -18 -339 -21 — 14 351 1,754 637 669 448 -13 10 -21 c -17 87 155 —4 79 -2 80 1 52 NOTE.—Figures relate to interest-bearing public debt; matured noninterest-bearing debt amounted to $301,000,000 at the end of January, 1932. Figures include obligations held in Government trust funds amounting to $372,000,000 at the end of January, 1932. Bonds and notes long-term—i. e., 1 year or more (figuring from date of issue); certificates and bills, shorter term. 159 FEDERAL RESERVE BULLETIN MARCH, 1932 PRODUCTION, EMPLOYMENT, CAR LOADINGS, AND COMMODITY PRICES [Index numbers; 1923-1925 average=100. The terms adjusted and unadjusted refer to adjustment for seasonal variation] Industrial production* (revised figures) Year and month Total * Building contracts awarded (value)** 1 Total [Manufactures ! Minerals * Residential Factory employment 2 All other Factory pay rolls 2 Commod*y Freight-car loadings* prices (t) i Unad- Ad- Unad- Ad- ! Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unadj justed justed justed justed; justed justed justed justed justed justed justed justed justed justed justed 1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 I i ' ; ! -| i ' i 83 87 67 85 101 95 104 108 106 111 '119 96 81 84 87 67 86 101 94 105 108 100 112 119 95 80 63 63 56 79 84 94 122 129 129 135 117 92 63 74 105 96 99 108 107 106 115 99 84 44 30 44 68 81 95 124 121 117 126 87 50 37 79 eo 65 88 86 94 120 135 139 142 142 125 84 i 1927 ! November December! 1928 101 i 96 i 101 102 ......| 107 108 82 90 104 96 100 101 99 97 101 88 74 98 118 77 81 103 96 101 104 j 102 102 108 87 66 84 91 79 87 100 97 103 108 103 103 106 92 75 98 99 101 | ! | ! i 139 154 98 97 101 98 104 100 95 97 95 86 73 88 j 96 96 100 95 102 105 97 102 102 122 111 129 131 120 111 121 125 124 111 136 i 136 ! 97 95 106 113 114 113 111 109 105 110 116 117 115 110 107 ! 110 | 109 , 109 ! 108 i 109 i 110 ! 111 ! 114 | 116 ! 118 ! 120 | 100 99 98 95 104 104 104 111 115 123 118 106 103 102 105 105 106 102 102 105 107 111 114 111 111 121 138 | 155 ! 154 142 | 137 | 138 134 122 j 107 137 138 137 137 137 139 132 131 134 136 132 127 116 128 143 152 149 140 127 116 118 115 112 93 139 142 136 130 130 133 126 119 118 115 114 106 108 115 134 157 168 166 155 154 154 150 130 117 135 135 137 142 143 144 137 141 147 152 146 145 94 96 97 96 96 96 90 98 100 100 99 98 96 96 96 96 96 97 97 97 98 98 99 100 96 101 103 100 101 101 98 103 104 107 104 104 92 94 97 96 105 101 105 109 119 119 109 1 94 102 102 103 101 103 100 102 103 105 106 107 106 96 96 96 97 98 97 97 98 99 97 96 96 117 122 126 128 128 127 120 122 123 119 107 93 120 119 120 122 123 127 125 122 121 119 110 101 114 116 101 i 103 : 116 116 i 118 ! 121 | 127 j 127 j 114 j 110 116 119 109 114 117 114 116 115 118 J16 110 116 98 102 121 139 143 144 136 129 112 104 94 84 120 118 121 123 121 126 124 122 110 107 103 102 81 84 106 117 113 102 94 84 73 67 66 53 97 94 101 100 97 95 93 86 73 67 67 61 111 116 133 158 168 178 170 166 144 135 116 109 139 137 137 142 141 152 149 152 140 139 136 97 100 101 102 102 102 102 104 105 103 99 95 100 100 101 102 102 103 103 103 102 101 99 97 101 108 111 111 111 110 106 111 112 111 103 99 95 99 98 102 109 110 111 115 121 118 102 89 108 107 105 108 107 108 107 107 106 104 102 102 96 95 96 96 95 95 97 96 96 95 94 93 102 110 109 110 106 98 89 88 90 87 82 74 105 ! 107 i 104 104 101 97 92 89 89 86 85 82 108 104 91 94 102 103 100 101 101 105 96 89 110 108 98 104 104 102 100 96 94 95 92 93 95 104 102 101 105 99 95 81 81 78 76 73 46 44 54 62 61 54 48 48 52 51 46 37 56 49 52 53 52 49 47 49 52 52 48 43 104 126 141 156 178 166 155 115 108 94 86 77 128 148 144 140 148 140 135 106 105 99 99 98 93 93 93 93 91 89 86 85 86 84 81 79 94 98 98 97 94 91 83 82 83 81 75 74 89 91 90 93 97 95 95 96 99 97 86 74 100 99 96 97 ; 96 | 93 92 89 i 87 86 84 84 93 91 90 90 89 87 84 84 84 83 81 80 86 84 82 83 84 85 85 82 82 92 84 80 88 86 89 91 87 86 86 79 37 42 50 52 47 41 36 32 32 29 26 20 44 47 47 44 40 37 35 33 32 30 27 23 75 89 98 107 104 101 94 87 81 71 57 39 93 104 100 96 85 84 82 81 80 76 67 50 | 77 78 78 77 75 74 74 75 71 69 68 68 73 75 74 72 68 64 64 62 59 56 56 74 74 75 77 79 77 78 76 78 78 70 61 82 80 80 80 30 j 71 79 77 73 65 66 61 59 59 55 49 38 69 ! 68 | 69; 78 77 76 75 73 72 72 72 71 70 70 69 25 I 31 16 19 33 52 58 64! 67 i | January..! 105 107 February.! 111 I 108 March ! 112 | 108 April | 110 I May ! 110 j 108 108 June | 108 July ! 105 I 109 August...! 110 j 110 113 September! 116 October.-! 118 ! 115 November] 115 ! 118 December! 109 i 118 1929 | January.-! 117 119 February.; 121 119 March 119 124 121 April 124 122 May j 126 June i 125 i 125 124 120 | July ! August.-.i 122 ! 121 September! 123 ! 121 October. _ 121 | 118 108 | 110 November December! 96 ! 103 1930 January. _1 103 i 106 February. 109 I 107 March j 106 j 104 ±04 April i; 107 105 102 May. 98 99 June i 93 91 July90 90 August... I 90 92 September 88 90 October.. 86 November 84 84 December! 77 1931 | January. .I 82 83 February-i 87 86 March..-! 89 87 April j 90 88 May ! 89 87 June I 83 83 80 82 July I August.._ 78 78 September 77 ,6 October.. 75 73 November 72 73 December 67 74 1932 P 7 2 January.. ! 81 88 90 91 90 82 79 77 76 72 70 66 82 86 87 87 86 82 82 78 75 71 71 72 | ! 159 I i ! i I 78 89 102 I i | ! I ! ! l i ! 77 i 84 | 81 85 j 113 125 116 107 85 82 75 68 59 ! i ' ; i ! ! | 58 ! 68 77 82 78 74 68 63 59 52 43 i 132 i 41 66 : ! : ! ! 79 j III 31 1 For back figures (as recently revised) see p. 194. For indexes of groups and separate industries see pp. 195 and 196. 2 For indexes of groups and separate industries see pp. 197,198. •Average per working-day. **3-month moving average, centered at second month; see BULLETIN for July, 1931, p. 358. tRevised wholesale price index of Bureau of Labor Statistics (784 price series); 1926=100. Index numbers for groups of commodities are given on page 199. * Preliminary. 160 FEDERAL RESERVE BULLETIN MARCH, 1032 MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise imports Merchandise exports Excess of exports Month 1928 January February MarchApril May June July August September October November December Year 1930 1929 1931 488 442 490 425 385 393 403 381 437 411 349 370 332 320 295 267 298 312 529 442 327 289 205 194 476 427 275 184 5,128 5,241 3,843 2,424 411 371 421 364 423 389 379 379 422 550 545 250 224 236 215 204 187 181 165 180 1932 1928 »15O 1929 338 351 380 345 354 317 318 347 320 1930 1931 1932 1928 ,136 1929 369 369 384 411 400 353 353 369 351 311 282 300 308 285 250 221 218 226 183 175 210 186 180 173 174 167 170 169 149 195 218 339 310 209 153 4,091 4,399 3,061 2,090 355 327 391 338 247 204 73 20 40 19 69 71 61 32 102 1930 1931 119 72 106 15 *15 40 50 11 86 100 67 69 24 35 44 46 79 86 136 117 67 31 1,037 842 782 -834 137 104 80 85 1932 »14 66 49 26 29 24 14 6 *2 10 36 44 v Preliminary. * Excess of imports. DEPARTMENT STORES—SALES, STOCKS FREIGHT-CAR LOADINGS, BY CLASSES [1923-1925 average=100. For back figures see BULLETIN for November, 1930, p. 686] [Index numbers; 11923-1925 average=100. Source of basic data: American Railway Association] Index of stocks (end of month) Index of sales i Month January February March April May June July August September October November December 1931 Adjusted Without Without Adjusted for seasonal seasonal ad- for seasonal seasonal adjustment variation variation justment 1931 1932 1931 1932 1931 1932 1931 97 98 77 79 80 64 88 86 75 78 81 97 106 97 95 91 88 84 86 83 81 Year 92 84 101 97 90 65 67 83 83 87 85 82 80 81 79 75 76 87 81 84 80 79 88 89 142 78 73 93 95 91 1932 67 87 82 i Based throughout on figures of daily average sales—with allowance for changes from month to month in number of Saturdays and for 6 national holidays: New Year's Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day, and Christmas. Adjustment for seasonal variation makes allowance in March and April for the effects upon sales of changes in the date of Easter. 1932 Novem- Decem- JanuSeptember October ber ber ary Adjusted for seasonal variation Total Coal Coke Grain and grain prod ucts Livestock Forest products Ore Miscellaneous2 Merchandise 69 69 42 69 72 44 68 65 44 69 65 47 64 58 43 68 64 35 49 68 85 -74 64 33 36 69 83 76 69 33 23 72 83 63 66 30 40 73 83 62 28 31 67 81 Without seasonal adjustment Total _ Coal _ Coke.... Grain and grain products Livestock.. _. Forest products Ore Miscellaneous _. Merchandise 2 78 74 42 78 83 45 70 72 46 61 70 50 58 66 47 83 76 37 79 81 88 82 86 33 50 81 87 80 80 31 16 70 85 62 66 25 10 57 77 65 25 7 54 75 1 Based throughout on daily average loadings. 2 I n less-than-carload lots. FEDERAL RESERVE BULLETIN MARCH, 1032 161 FOREIGN BANKING AND BUSINESS CONDITIONS ANNUAL REPORT OF THE BANK OF FRANCE The annual report of the Bank of France for 1931 was submitted to the general meeting of stockholders on January 28, 1932. xThe main text of the report is given herewith: Development of the crisis in 1931.—The year just passed was marked by profound economic and monetary disturbances. The crisis, which in its origin and development was reviewed in our last report, was greatly intensified. It has spared no country nor any form of agricultural, industrial, or commercial activity. By its extreme severity, by its universal prevalence and its duration it has violently shaken a world which was recovering with difficulty from the injuries of the war. Although the crisis was purely economic in its first manifestations, toward the end of last year it took on as well the character of a banking and monetary crisis which broke out first in Vienna, then spread to Germany, and finally brought about the forced immobilization of a considerable mass of international credits both in that country and in central Europe. Then the London market became affected, In spite of the able cooperation which it received, the Bank of England was forced in September to suspend the convertibility into gold of the pound sterling—a decision of serious consequence, which unfortunately involved the weakening of a great number of other currencies and which reacted temporarily even on the American market. The abnormal extent of these reactions not only proved the interdependence of the various money markets, but also showed that causes of a purely technical character were inadequate to explain the exceptional phenomena which developed in the course of the past year. In the spring of 1931 the liquidation of the commercial and industrial crisis had made some progress. Wholesale prices as a whole showed some tendency to stabilize. The tempo of production was becoming adapted to the decline in purchasing power. But this harsh and necessary work of restoration was far from being completed. In order to carry it to its conclusion, it would have been necessary to stop the abuses of credit which had contributed so largely to the creation and spread of the crisis. In fact, there was no movement on the i The report, available in French, contains in addition tables showing the operations of the bank in detail, and remarks concerning personnel, etc. For earlier reports, see Bulletin for March, 1931, 1930, 1929, 1928, 1927, etc. markets generally toward a sufficient reduction of banking credits, so powerful were the efforts brought into play to maintain at all costs, by an artificial policy of cheap and easy money, the spirit of enterprise and the taste for speculation. This tendency undoubtedly helped to increase the disorders which it had been intended to mitigate. The universal malaise was still further accentuated by political uncertainty. In a world where the development of trade strengthens the bonds between all countries, it was inevitable that the disturbed relations which became apparent between certain of them should react upon the whole of Europe. It is not our function to appraise the measures taken to remedy this situation. Suffice it to bear in mind that at a time when all economic activity depends upon credit, respect for one's obligations is the first condition for maintaining confidence. Finally, the persistence of the troubles from which all nations are suffering has some purely psychological causes, the importance of which we have often stressed and which must be counteracted. Every crisis, whatever its extent or its duration, is overcome at last, and the sufferings by which the excesses and the errors of the past are paid for, sooner or later open the way to recovery and prosperity. It is the duty of every person to combat the deliberate pessimism which is only too prevalent in all countries and in all classes of society, and which inevitabty helps to aggravate the crisis and to delay its issue. Strong position of the franc.—The monetary disturbances mentioned above had no influence on the soundness of the franc. Because of the harmonious balance of our national economy, and the traditional prudence and moderation with which the great majority of our banking institutions have been managed, our currency remained unshaken and its metallic basis was even very considerably strengthened. The inflow of foreign capital and the repatriation of French capital, mentioned in our last report, increased further during the past year and resulted in large imports of gold. On December 24, 1930, at the close of the banking year, the gold reserve of the Bank of France amounted to 53,563,000,000 francs ($2,099,670,000), and continued to rise moderately during the earlv months of 1931. At the end of March it had risen to 56,116,000,000 francs 162 FEDERAL RESERVE BULLETIN ($2,199,747,000), and then declined again to 55,616,000,000 francs ($2,180,147,000) at the end of April. Beginning with May, under the influence of the banking crisis which spread through central Europe and Germany, the flow of capital toward this country took on a new impetus. Since that time our reserve has shown a continuous increase, which, by the end of the year, had brought it up to 68,500,000,000 francs ($2,685,000,000). It increased during the year by almost 15,000,000,000 francs ($588,000,000). During the same period the foreign exchange holdings of the bank declined by slightly more than 3,000,000,000 francs ($117,600,000)—from 26,174,000,000 francs ($1,026,021,000) to less than 23,000,000,000 francs ($901,600,000) on the last balance sheet preceding the balancing of accounts on December 24. Aid to central banks.—The strong metallic basis of our currency supplied us with the means for aiding foreign markets, and we have not failed to do so. Without neglecting our primary eduty to permit no weakening of the franc, w carried out a policy of extensive international cooperation. Either in participation with the Bank for International Settlements or in association with the Federal reserve banks or with our own resources we granted to several foreign banks of issue such rediscount credits as our statutes permitted us to open on their behalf. In June, the weakening of the reichsmark rate and the decline in the reserves of gold and foreign exchange compelled the Reichsbank to appeal for help to certain banks of issue and the Bank for International Settlements, which together granted the Reichsbank a credit of $100,000,000. We participated in this credit in the amount of $25,000,000. Circumstances up to this time have not permitted the transaction to be closed, and we have felt in duty bound to continue our participation. The troubles which the critical situation of central Europe and then of Germany created in the London market led us to assume new responsibilities. We observed, not without apprehension, the progressive weakening of the gold reserves of the Bank of England. On several occasions we conferred with the directors of that institution in regard to the danger to which sterling would in the long run be exposed from an exodus of gold which we ourselves were powerless to check, and the extension of which we had every reason to fear. Until May the pound sterling remained constantly above par. Beginning with June, MARCH, 19: however, the immobilization of foreign credits in central Europe and in Germany resulted in sudden demands for funds on the markets most seriously affected by the crisis. In other countries, less directly affected, a legitimate concern for liquidity led the banks to recall part of the balances, both sight and short term, which they had been holding in England. London was thus obliged to face heavy withdrawals. In July, as a result of the prolonged weakness of the currency as w^ell as of the decline in reserves, the Bank of England took the initiative of applying for our assistance. The British and the French banks of issue have, as you know, never ceased to maintain the most cordial relations. On many occasions in the course of the past century and during the last war they showed their spirit of cooperation. It seemed to us that, while insisting upon all desirable guarantees, we ought to give the help asked of us. On August 1, in association with the Federal Reserve Bank of New York, which furnished an equal amount, your board of directors granted to the Bank of England a credit, denominated in French currency, of 3,100,000,000 francs ($121,520,000) in which the Paris banks participated to the extent of one-half. Part of the credit was repaid on November 1 last; the balance of the account will be closed on February 1*. Several weeks later, in view of the worsening of the situation, the Bank of France again agreed to assume the leadership of the principal French credit institutions. Either directly or by means of a public issue, they gave the British Treasury further assistance by a credit of 5,000,000,000 francs ($196,000,000). This time, as before, the New York market furnished an amount similar to that of the French market. This supreme effort, unfortunately, was ineffective. The exports of gold could not be checked, and the convertibility of the pound sterling had after all to be suspended. Foreign exchange policy.—This spirit of international cooperation was shown not only by granting credits but also by the principles which guided our foreign exchange policy. From 1926 to 1928 the Bank of France was obliged to acquire, at the request and at the risk of the Government, a very large volume of foreign balances in order to prepare for and make possible the stabilization of the franc. At the time of the currency reform, the bank had taken over this enormous portfolio in the belief that it could be liquidated rather rapidly. This liquidation, however, was found to be no easy matter. Since 1928, in fact, the trend of MARCH, 1932 FEDERAL RESERVE BULLETIN the exchanges has been almost constantly favorable to France. Under these circumstances the bank could not have realized any large portion of its foreign exchange holdings without deliberately provoking an enormous outflow of gold from foreign markets, in addition to the large withdrawals which had already resulted from the natural orientation of international capital movements. Your board of directors had no desire to increase by its own initiative the monetary difficulties of other countries. By retaining, therefore, the greater part of its foreign balances and especially its sterling assets, the Bank of France contributed greatly to the maintenance of the stability of British currency during the past three years. Moreover, to-day as before, the bank is free to dispose of all its foreign balances at its pleasure; it has never been bound by any engagement whatever in this respect. Effects of British suspension of the gold standard.—The risks involved in the possession of this portfolio of foreign bills were keenly realized when the gold standard was suspended in Great Britain. The holdings of the Bank of France in London on that date exceeded £60,000,000 ($291,996,000). The rapid decline of the British currency brought about a sharp depreciation in that item of our balance sheet. On account of its size and origin, the resulting loss could not be charged entirely to the bank. In accordance with two conventions, concluded on December 7, 1931, with the Government and with the Caisse autonome d'amortissement and approved by a law of December 23, this loss—which was estimated at the end of the year at 2,342,000,000 francs ($91,806,000)—was covered by the delivery of a treasury bond to the bank. This bond was in turn exchanged for bills of the Caisse autonome, and the amount added on the asset side of our balance sheet to similar bills which the bank already held under the conventions of June 23, 1928. The bank has undertaken to participate jointly with the Government in the amortization of these new bills as follows: First, on December 24, 1931, by an initial delivery of 200,000,000 francs ($7,840,000) stipulated in the provisions. Second, in January and July of each year, by a supplementary royalty [on "productive note circulation7'] equal to 10 per cent of that portion of the profits of the bank which is subject to royalty and is in excess of 650,000,000 francs ($25,480,- 163 000). This semiannual payment may not be less than one-half per cent of the amount of the bills representing the loss to be amortized. The Caisse autonome likewise will contribute to this amortization by an annual payment of 1 per cent. These conventions were put into effect on December 24 last. On that date the bank paid on account of the amortization of bills of the Caisse autonome 200,000,000 francs which it had agreed to pay, and added to this sum an additional voluntary payment of 50,000,000 francs ($1,960,000). Discount rates.—We tried throughout the year to adapt our discount conditions to the needs of the national money market, while always considering the situation of other markets to the extent which seemed necessary. The discount rate was successively reduced in 1930 from 3J£ to 3 and then to 2% per cent. As the Federal Reserve Bank of New York reduced its rate on December 24, 1930, from 2}£ to 2 per cent, your board of directors adapted a similar measure on January 2, 1931. This decision, prompted by monetary considerations of an international character, only reflected the general weakness of money rates in France where, on the open market, a large volume of available funds had difficulty in finding investment at a rate of about 1 per cent. On May 8 the Federal Reserve Bank of New York again reduced its official rate from 2 to X% per cent. Six days later the Bank of England reduced its rate from 3 to 2% per cent. On this occasion we did not believe that we ought to join the movement for reduction. We thought in fact—as we indicated to you last year—that far from rendering effective support to business enterprises, too great a margin between rates for short-term money and those for long-term investment could not fail to encourage the immobilization of short-term funds, which was particularly dangerous in a period of crisis. Moreover, in face of the burdens weighing upon the banking system, and the need for liquidity imposed by the nervousness of depositors, it seemed contrary to the interests of the Paris market for us to turn to a systematic policy of cheap money, the serious dangers of which we saw clearly. Under the pressure of circumstances, foreign banks of issue shortly afterwards raised their discount rates repeatedly. The Reichsbank rate was raised from 7 to 10 per cent on July 16, and then, for a short period, to 15 per cent on August 1. The Bank of England in defense of its reserve, raised its rate to Sji per cent on 164 FEDERAL RESERVE BULLETIN July 23, to 4% per cent on July 30, and to 6 per cent on September 21. The rate of the Federal Reserve Bank of New York was finally raised to 2^ per cent on October 8, and to sy2 per cent on October 15. On October 9 your board of directors adopted the rate of 2% per cent, which seemed suited to the requirements of the French market. We need hardly insist upon the fact that our credit conditions are extremely easy. Money rates continue to be considerably lower in France than in other markets. French banking position.—French banking inevitably felt to some extent the effects of the crisis which had so seriously affected the other great markets. The anxiety aroused by events abroad was further increased by a systematic and insidious campaign which endeavored to exploit certain isolated cases of failure, resulting from mistakes or unwise management, in order to aggravate the lack of confidence and try to ruin the credit of the strongest and soundest houses. The strength of our banking system, however, enabled it to resist these attacks successfully, on the whole, and to come through this particularly difficult period without serious harm. Furthermore, the bank gave liberal support through discouDts to all banking houses which could furnish the security required by its statutes, and the maintenance of which seemed of value to the general business of the country. The bank did not hesitate to support the market by assuming any risks which were compatible with its primary duty of preserving all the safeguards of the currency. The discount portfolio, which between December 24, 1930, and July 10, 1931, declined by about 8,500,000,000 francs ($333,200,000) to 4,186,000,000 francs ($164,091,000), advanced again in August as a result of these emergency discounts and the credits granted to the British market. It rose to more than 11,000,000,000 francs ($431,200,000) on October 30, and on the final balance sheet of the year stood at almost 8,000,000,000 francs ($313,600,000). Demand liabilities.—The volume of demand liabilities of the bank, including notes in circulation and credits in current account, remained fairly stable during the first seven months of the year. During this period the increase in gold reserves was almost balanced by the decline in the discount portfolio and foreign exchange balances. Beginning with August the simultaneous increase in the reserve and in the portfolio MARCH, 1932 brought about a very sharp rise in the volume of these liabilities. Under the influence of the crisis of confidence described above, the volume of individual credits in current account rose sharply, in round numbers from 15,000,000,000 francs ($588,000,000) to 17,000,000,000 francs ($666,400,000) in August; to 18,000,000,000 francs ($705,600,000) in September; and from October on, fluctuated between 22,000,000,000 and 24,000,000,000 francs ($862,400,000 and $940,800,000). The volume of notes in circulation, which reached almost 76,000,000,000 francs ($2,979,200,000) at the end of last year, made no considerable advance until October. At that time it had risen to more than 80,000,000,000 francs ($3,136,000,000), and reached its maximum of 83,638,000,000 francs ($3,278,610,000) on the balance sheet of October 30; on the final balance sheet of the year it stood at about 83,500,000,000 francs ($3,273,200,000). It rose during the year by slightly more than 7,000,000,000 francs ($274,400,000). This increase, which applied only to bills of denominations of 1,000 francs and 500 francs, was clearly due to the growth of hoarding. Aggregate demand obligations, which stood at 101,000,000,000 francs ($3,959,200,000) at the end of 1930, exceeded 113,000,000,000 francs ($4,429,600,000) on the balance sheet of December 24, 1931. It rose considerably less than did the gold reserve; and the reserve ratio advanced during the year from 53.03 per cent to 60.57 per cent. This ratio is more than 25 points above the minimum of 35 per cent required by the monetary law. Business situation.—The volume of French business, which was still relatively stable throughout 1930, underwent a marked recession last year. The general decline in prices throughout the world, the devaluation of certain currencies, the changes which took place in the relative position of international exchanges, and the measures of safeguarding which many governments have adopted by way of raising their tariff duties have seriously affected the situation of our exporting industries. The position of the domestic market, characterized by a decline in purchasing power and by great reserve on the part of consumers, added its depressing effect to the other causes of uneasiness, for the most part not inherent in our own business situation. The statistics and questionnaires of the Minister of Labor afford evidence of an unemployment crisis, which affected industry and, to a certain extent, commerce also. MARCH, 1932 FEDERAL RESERVE BULLETIN The index of industrial production declined from 135 in November, 1930, to 115 in November, 1931. The crisis, especially marked in the metallurgical and textile industries, affected almost all kinds of production. The number of blast furnaces in operation was only 90 in December, 1931, as compared with 138 in December, 1930. The production of steel during the past year was about 7,800,000 tons, whereas it amounted to 9,447,000 tons the year before. The mines have produced 51,000,000 tons of coal, or 4,000,000 tons less than in 1930. Finally, gross receipts of the great railway systems were lower by 9.54 per cent than those of the preceding year. Agriculture was less severely affected, but was unable to escape the influence of the general situation. Weather conditions nevertheless made it possible generally to realize abundant crops. The harvests, although better than those of the preceding year, were still inadequate, especially in the case of wheat, to supply the normal requirements of the population. The decline in our agricultural exports, which were checked by the raising of tariff barriers, and the competition of foreign products coming upon our market in spite of restrictive legislation, are factors now unfavorable to our agricultural production. Wholesale prices on the French market continued their downward trend, in unison with price movements throughout the world. Indexes of raw materials declined without interruption from 475 in December, 1930, to 370 at the end of the year 1931. During the same period prices of agricultural products declined from 525 to 463. Finally, the general index of wholesale prices, which reflects all these downward trends, stood at 413 at the end of December, 1931, as against 498 at the close of the preceding year. The index of retail prices likewise declined from 649 at the end of 1930 to 557 in December, 1931. The commercial balance, as was inevitable, reflected the prevailing depression. For the year 1931 the deficit in the trade balance amounted to 11,778,000,000 francs ($461,698,000). During this period imports declined by 10,311,000,000 francs ($404,191,000) and ex- 165 ports by 12,414,000,000 francs ($486,629,000) in comparison with the figures shown for 1930. The unsatisfactory results of our foreign trade reflect both a decline in the quantity of products exchanged and also, even more acutely, the depreciation in their value. Conclusion.—The present grave difficulties and uncertainties have created a natural tendency in the confused state of men's minds to seek exceptional remedies for these almost unprecedented misfortunes. Opinion sometimes allows itself to be captivated by alluring ideas, which it believes may bring some relief, but the falsity and ineffectiveness of which are revealed upon contact with reality. For our own part, we have framed our course of action in accordance with the stern teachings of experience. We have chosen to be guided by the principles of our traditional policy, and our constant concern has been to maintain the stability of the franc. Without neglecting any occasion to show its willingness to cooperate with foreign markets, the bank has scrupulously avoided every action that might endanger the monetary security which France has so dearly achieved. It has resolutely abstained from any intervention which would have served other purposes than the safeguarding and complete functioning of the gold standard. The progressive liquidation of artificial currency systems which were adopted since the war mark, in our judgment, a definite stage on the way to economic recovery. We have always refused to support these easy solutions, for we realized their great danger. More than ever we are convinced that it is our duty to secure the metallic basis of the franc, which is the only stable foundation on which a currency can be supported. We regard convertibility into gold not as an antiquated form of slavery but as a necessary discipline. We see in it the only effective guaranty of the security of contracts and business ethics. Firmly resolved to guarantee the free action of the gold standard, we continue to proclaim our unalterable determination to remain faithful to this principle, to which the American and the French Governments have with full accord pledged their adherence. 166 FEDERAL RESERVE BULLETIN MARCH, 1932 BALANCE SHEET OF THE BANK OP FRANCE AS OF DECEMBER 24, 1931 Resources Gold reserve (coin and buMion) Silver and copper coins__ Funds available on demand abroad Foreign bills: Negotiable Other Domestic bills: Negotiable Other Advances against gold coin and bullionAdvances against securities Postal current accounts. Negotiable bills of the Caisse autonome d'amortissement (convention of June 23, 1928 and December 7,1931)_ Loans to the Government without interest (law of June 9, 1857; convention of Mar. 29, 1878; law of June 13,1878, extended; laws of Nov. 17,1897, Dec. 29,1911, Dec. 20,1918, and June 25, 1928) ._ Rentes earmarked for special purposes Bank buildings and equipment Miscellaneous resources Francs (in thousands) 68,481,174 959,377 13,039,983 7,560,256 900,070 174,843 6,894, 281 1,266,253 2,717,477 466,793 7,157,189 Dollars» (in thousands) Liabilities Francs (in thousands) 2,684,462 Demand liabilities: 37,608 | Notes in circulation. 511,167 I Current account of the treasury 340,485 j Current account of the Caisso autonome 296,362 ! d'amortissement 5,533,367 35,283 I Other current accounts and deposits 23,152,070 Other demand liabilities 486, 761 6,854 270,256 I 29, 512, ( 49,637 Capital 182,500 -._ ._.._ 106,525 Surplus (laws of June 9,1857, and Nov. | 272,696 18,298 Reserve invested in legal securities 17,1897). (law of , May 17,1834; decrees of Apr. 27 and May 2, i 1848; law of June 9,1857) ' 280,562 Depreciation reserve (real estate) _ 3, 200,000 112,981 220,573 2,167,485 125,440 4,429 8,646 84,965 115,318,736 4,520,494 Dollars » (in thousands) 13,347 216,908 907,561 19,081 7,154 10,690 Profit and loss: Provision for doubtful securities Gross dividends: 2178.57 francs (net 150 francs) Payment to the Government of sum equal to the annual dividend in excess of 240 francs net, or 145 francs Carried forward _ Miscellaneous liabilities Total. Total 115,318,736 4,520,494 Total demand liabilities, 113,059,594,542 francs ($4,431,936,106). Ratio of gold reserve to demand liabilities, 60.57 per cent. * Conversion at par: 1 franc=$0.0392. 2 For second half year. Gross dividend for first half year, 279.76 francs (net 235 francs). 167 FEDERAL RESERVE BULLETIN MARCH, 1032 FINANCIAL STATISTICS FOR FOREIGN COUNTRIES GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS fin millions of dollarsj Europe End of month 1930—November... December... Total (45 countries) Total (26 countries) Austria Czecho- Denmark England Belgium Bulgaria slovakia 10. 894 10,907 4,220 4,225 129 110 5,238 5, 281 30 30 180 191 1931—January 10,953 February 11, 008 11,071 March 11,107 April .._ 11,217 May 11.264 June 11,210 Jiilv 11,283 August September... r 11, 262 « 11,111 October November... ' 11,208 December... » 11, 242 4,285 4, 309 4,343 4, 373 4,445 4,593 4,587 4,632 4, 364 3, 905 4,031 4,051 92 94 96 99 102 87 87 89 83 86 82 78 5,313 5, 350 5,388 5,395 5,428 5,351 5,353 5,413 5, 686 6,062 6,109 6,184 30 30 30 30 30 30 30 30 27 27 27 27 191 197 200 201 201 199 214 221 346 357 356 354 4,009 '3,947 80 v 6,296 25 352 351 1932—January February v 11, 290 France Germany 10 10 46 46 46 46 762 718 2,037 2,100 519 528 10 46 45 46 46 46 46 45 45 45 46 46 49 46 46 46 46 46 46 46 46 44 44 39 39 679 685 699 712 735 793 643 649 656 660 587 588 2,176 2,192 2,200 2,180 2,181 2,212 2,290 2,296 2,326 2,534 2,659 2, 699 535 544 553 564 569 339 325 325 310 273 239 234 49 39 588 588 2,808 x>2,942 226 221 n 11 11 11 11 11 11 11 11 11 11 11 E urope—C ontinued 1930—NovemberDecember ._ 1931—January February... March April May June July- August SeptemberOctober November.. December. . 1932—January February. _. Greece Hungary 7 7 7 6 6 6 6 6 6 6 11 11 11 11 Italy to to to to to toosoo oooo End of month 20 20 20 20 18 18 18 18 18 18 Nether- No™ 9 9 56 56 474 471 65 65 130 138 56 56 53 53 53 53 53 53 54 54 54 58 466 466 467 467 468 468 439 439 439 434 434 434 64 64 64 64 64 64 64 62 53 57 55 55 126 124 124 124 124 162 225 229 328 422 425 453 249 249 249 249 259 259 262 262 267 280 293 309 315 328 58 434 55 472 482 329 329 279 279 171 171 39 39 63 63 279 279 279 279 280 282 283 283 286 293 296 296 175 179 179 181 181 200 236 260 282 336 362 357 39 39 39 39 39 39 39 39 39 46 42 41 63 63 63 f>4 64 64 64 64 64 67 67 67 296 351 353 42 67 9 9 9 11 11 ; 11 10 i 10 ; 10 ! 12 12 | Spain Far East 5 other Total (5 coun- countries) Argen- Brazil tina Australia other Yugo- 5counslavia tries 19 19 18 18 19 19 19 19 19 27 27 27 29 31 31 31 18 18 18 18 18 18 18 19 19 21 21 31 Africa India Japan Java New Zealand Egypt 18 17 14 15 12 12 10 10 10 10 8 11 10 9 18 18 60 60 17 17 701 704 75 75 128 128 409 412 56 56 33 33 20 20 18 18 18 18 18 16 14 11 13 17 17 17 59 58 58 58 58 58 57 57 '56 53 53 53 17 17 16 16 17 17 12 12 13 13 r 13 13 704 703 709 714 724 730 714 698 706 644 570 525 76 76 77 74 74 75 66 52 52 53 51 52 128 128 135 141 147 151 158 162 162 162 162 162 415 417 415 419 422 425 412 406 408 342 271 234 52 48 48 46 46 46 44 44 51 53 53 45 34 34 34 34 34 34 34 34 34 34 33 32 20 20 20 21 21 21 21 21 21 21 21 6 M7 »53 505 51 162 215 45 32 550 534 417 412 20 11 506 497 483 475 465 451 416 400 '370 '363 358 344 397 390 378 370 362 350 322 309 281 270 265 253 0 0 0 0 0 0 0 *340 *252 v Preliminary. R. ooooo May.. June. - . July August September.. October November.. December... 1932—January u. s.s. Rumania o 1930—November.. December... 1931—January February-.. March April Total (10 countries) 1 Portugal Latin America End of month Sweden Switzerland Pol and « Corrected. South Africa 35 33 34 35 31 31 32 31 33 31 32 30 37 39 40 ' Revised. Figures for 30 countries are as of final day of month; for the other 15 countries—including England, France, and Netherlands—they are as of last report date of month. See Bulletin for July, 1931, p. 399. The 5 European countries and 5 Latin American countries for which figures are not shown separately are Albania, Estonia, Finland, Latvia, and Lithuania; Bolivia, Chili, Ecuador, Guatemala, and Mexico. None of these countries has had gold reserves in recent years in excess of $10,000,000. For back figures—and for additional details relating to this table—see BULLETIN for July, 1931. 168 FEDERAL RESERVE BULLETIN MARCH, 1932 GOLD PRODUCTION [In thousands of dollars] Africa 1 Month Total 1930—January February March . _ April May . . -. _ 1931—January February March April May.. June July 18,434 25,518 23,876 16,927 25, 517 I 18,317 17,961 25,076 26,158 18,934 25,898 18,355 19,041 26,509 26,363 18,916 26,370 18,642 19,142 27,103 18,337 26, 631 27,444 18, 519 221, 526 * 312, 463 .. June July . __ August September _ _ _ October November _ December Total (12 months) _.. _ . August September _ _ October November _ _ _ _ December Total (12 months) 1932—January _ 19,151 17,427 18, 791 18,194 18,901 18, 594 18,959 18,859 18,981 19,525 18,673 * 18,133 *> 224,187 »19,365 27, 600 25,413 26, 884 27,022 27, 409 27, 303 27,219 27,566 27,976 28,589 » 27,537 __ _ _ _ _ South Africa _ __ ______ _ Southern Rhodesia Belgian Congo l 953 897 941 947 985 935 947 954 954 930 917 961 11, 320 944 885 874 905 904 912 925 895 886 915 920 1,034 11, 000 Gold Canada Coast and Sierra Leone 253 236 246 231 234 235 230 240 264 284 302 243 2,999 282 271 285 277 256 268 272 282 323 349 324 327 3,516 408 396 411 423 413 405 414 429 409 419 430 441 5,000 443 438 453 447 452 448 453 466 488 476 480 501 5,546 3,186 3,006 3,385 3,497 3,478 3,628 3,520 3,437 3,686 3,862 4,087 4,682 43, 454 4,192 4,033 4,213 4,612 4,448 4,823 4,625 4,664 4,966 4,928 4,837 5,053 55, 395 Mexico Japan 2 1,129 1,283 1,051 1,152 1,205 1,158 1,115 1,140 1,117 1,109 1,172 1,196 13,827 1,282 1,012 989 1,331 1,209 1,104 815 1,229 1,075 1,042 »1,042 India» 544 542 571 556 600 607 670 626 691 716 709 700 7,531 657 764 683 694 716 663 668 654 692 679 667 11""" 610 589 595 309 309 577 571 621 607 639 677 702 6,806 649 582 596 563 523 491 502 517 564 675 592 " ~ 1 2 Output of Kilo-Moto mines, which in 1930 represented about 75 per cent of total gold production in Belgian Congo. Output of principal mines, representing about 95 per cent of total gold production in Japan. 34 Reported monthly production of the Mysore district plus $82,000 representing the average monthly production of the rest of India in 1930. This figure represents about 75 per cent of the total world production of gold in 1930, which was $417,000,000 according to the 1931 annual report of t h e Director of the M i n t , including $43,000,000 produced in the United States a n d $21,000,000 estimated to have been produced in Russia. * Preliminary. GOLD MOVEMENTS [In thousands of dollars] United States: Net imports from— Month All countries England Bel- Nether- Switzer- Can- Mexico France gium ada lands land I 1930—January 3,960 59,991 February... 55,478 March April 65,725 23,470 May 13,912 June - 1 9 , 640 July -19,617 August 2,547 September.. 26,369 October November.. 35,151 December.. 32,742 1 -8,477 1 -191 7 -90 2 2 —4 20 29,943 6 - : 35,306 280,087 Total 1931—January 34,372 February... 16,142 March 25,645 April 49, 516 49, 630 May ... 63,8471 June 19,503 July 57, 500; August 20, 561 September. -337,685' October 89,436 November. 56,858 December.. - 2 7 5 -73,675 Total 1932—January - 7 4 , 958 93098 February *_. 1; : : ! " - - _ 16 1 50 -2 19,161 16 5 21 -41 8 -16 1,5011 -5 23 -24,08' 2 685 -324,500 - 9 , 6 7 8 333 -10 -57 4,249 -15,150 - 5 , 8 6 1 6,797 -344,514 - 1 5 , 583 -3,199 - 8 3 , 783 - 2 2 0 98 432 -4,172 -349 -35,904 -17,617 -394 -515 - 9 , 8 5 - 1 , 270 -50,327 -19,768 12,553 - 6 , 2 5 - 1 , 759 17,861 - 8 , 6 7 2 -356 1 $25,990,000 imported from G e r m a n y . 3,122 2,619 3,075 2,256 2,281 2,415 -10,142 -3,174 -6,076 -8,181 -4,208 22,885 6,872 753 1,312 4,248 756 2,526 1,699 3,329 l,147i 1,281 557 -"" 395 20,3901 » Brazil Colom bia 297 28 66 -50 14,384 4,922 20,222 22, 556 5,441 536i 1,272 303! 9,289i 924 4,032! 11,601! 1,105 1, 563', 14,782! 1.052 774| 40,029 438 20, 725 4,923 466 4,871 8,305 8,802 2,208 5,383 8,837 4, 260! 25, 770 5.666 - 1 , 239 15.474i 7,408 989 267i 4,513 1,344 81,136 2,146 8,171 22,267 141, 263 1,103 9,110 368 1,146 5,430 11,823! 5,425] 36,733! 6,289 146 1,525 15,405 5,000 87, 776 16 1,214 71 1,155 73 118 1,102 108 1,144 140 1,124 1,742 1,107 9,097 3,022 116 2,996 86 3,359. 155 87 142 3,095 16 2,042 15,116 2,948 360 1 $11,000,000 imported from Germany. China British India 4,895 3,165 8,064 4,677 1,640 and Hong Kong 709 110 2,410 7,351 1,866 436 3,399 3,194 1,055 732 699 249 22,211 801 2,739 1,597 7,796 960 6,361 1,544 1,046 3,596 5,533 1,644 623 34,240 167 816 Japan 40,906 38,316 14,286 13, 509 7,015 8,001 4, 577| 13,750 16, 250: All other coun-J tries 1,208 2,851 1,005 4,291 3,209 1,228 7,312 3,984 178 '716 3,174 30,838 156,609' 748| 1,264 1 2,412 2,845 1,586 2,266 2,741 2,604 847 399 1 30,842 2,980 1,246 25,000 213,435 3,586 1,378 22, 501 75,932 -1,056 68, 285 4,775 199,286 67,332 9,969 2,471 19, 433 509 9 Preliminary 169 FEDERAL RESERVE BULLETIN MARCH, 1932 GOLD MOVEMENTS—Continued [In thousands of dollars] Great Britain: Net imports from— Month All countries 25,600 1930—January— February... 4,886 25,432 March 27,913 April -15,746 May - 6 , 912 June July _. -15,709 2,811 August 2,094 September10,662 October November.. - 1 , 965 December.. -35,383 Total 1931—January February. _. March April May June.. July_. August SeptemberOctober NovemberDecember.. Total 1932—January.... February *_ United States Belgium France Germany -979 -52,633 -11,427 -31,517 -13,683 -15,909 -26,827 -39,682 -65,750 -3,476 -32,917 -2,290 -9,827 - 5 , 972 - 7 , 749 -785 -765 -1,470 - 2 , 681 -940 -9,963 283 1-268,831 -78,835 1 _ (9,090 -43,470 -72,616 2,443 -18,178 6,452 -7,793 24,084 -344 19,122 -296 54,300 -232 -130,808 - 1 , 5 0 6 -110,144 -24,150 11 - 1 3 , 333 —792 -10,887 - 1 , 0 2 7 16, 316 -8,508 1,214 -58,840 - 5 , 4 2 1 - 8 0 , 340 -22,507 -10,222 - 3 5 , 9 7 7 -1,483 - 1 , 772 -1,047 -92 -420 37,514 1,765 7 -73 -149 o -743 -2,661 - 7 , 796 - 6 , 317 23,685 -10,325 -89 282 i I i i _. -167,946 I - 1 6 , 9 5 0 - 3 4 8 , 554 -21,110 ! -5,757 3,276 -11,124 j - 9 0 , 781 -75,998 Nether- Switzer- South British America India lands land -187 -39 -55 -21 -16 -20 1 -249 -133 -142 -101 -19 1930—January-.. February.. March April. May June July. August September. October-.. November. DecemberTotal 1931—January—. February-. March April May June July August September. October November. DecemberTotal 1932—January. -384 19,098 18,653 i 19,254 17,700 - 1 , 5 3 1 12,434 -297 20, 344 -259 12, 955 -266 22,186 -327 14,136 -25 15, 200 -317 22,138 -574 17, 932 3,436 20,997 4,183 116, 415 213,774 | 2 22,893 -315 -1,015 -910 -1,658 -687 -1,008 -642 -316 -240 -377 -124 -7 -48 - 9 8 1 -23,190 57,896 -8,177 1,526 -992 -153 -194 -126 -133 - 3 , 338 -1,658 -13,218 -10,182 - 3 , 076 -13,086 -26, 780 7,823 8,485 112 340 2,753 389 6,028 602 753 1,255 905 198 529 -249 305 -258 -25 3,132 984 624 9,337 31, 306 28,169 1,421 620 879 967 1,003 1,205 1,703 1,504 680 500 280 601 33, 505 -37,047 - 1 2 8 , 3 1 0 - 7 2 , 9 3 7 29, 444 74,051 11, 366 33,160 253,052 | 1,275 -349 -52 112 2,605 54, 843 33,441 960 373 1,822 353 23,136 ! 28,665 | 210 702 -2 -601 -8 -10 -4 -1,218 -19 -10,751 -9,145 -39 -276 -14 18 65 146 -82 -50,133 -24, 373 -20,542 -10,749 -16,182 -224 -107 -70 -123 -714 - 5, 075 - 3,70G 270 35 426 619 231 4,363 20,373 2,858 17,489 -704 21,382 - 3 , 528 23,090 -256 16,185 ! 21,024 ! - 2 , 6 4 7 -382 21,042 I -599 17,861 ! -304 20,000 I -320 26,297 ' 2,157 20,181 I 637 28,129 ! Germany: Net imports from— All other countries 346 277 650 162 166 84 305 667 467 585 628 1,066 35,886; 5,422 -3,8561 -173 34, 716 48,097 7,411 7, 352 63, 972' 17, 950 28,918 63, 580; 43, 752 15,291 28, 950; i 3,491 25, 011 67,819 36,205 10, 558 2, 736' - 1 2 , 090 - 9 , 558: 149,150 72, 952 418| 273, 7341 122, 372 i 13,881! 9,828 321 19,734 29,444 24,576 341 516 4,039 1,815 19, 967 5,371 464 12,338 240 402 471 251 276 1,131 5,852 5,182 2,856 12, 395 16, 501 All countries 121,147;;.38,172! I 65,035:1 TransAll vaal, Austra- Rhodesia, other lia West Af- countries rica -407 -217 -208 - 2 , 684 -379 -333 -6,176 - 5 , 251 -1,985 -4,251 -614 -685 2 -7,248 France: Net imports from— Month Straits Settlements 37,142 37, 472 63. 998 - 5 , 996 21, 738 40, 447 20,132 -153 -42, 572 -22, 386 4,739 37, 944i 14,8011 18, 337 6,851 7,270 1,187 1, 23, 391| 93,515 1,185 j! 9,250:1 11,966 12,098 10, 598 11, 383 6, 371 - 2 0 5 , 543 - 6 , 243 934 -16,947 - 3 1 , 473 - 4 1 , 968 875 42 6,742 8,539 8,269 49 198 87 159 24,904 83,909 141 91 75 163 177 309 424 -24,191 181 548 - 5 , 558 -10,965 -16, 455 150 42 -6,113 18 -23 -11,859 -20, 620 -25, 594 103 728,176 j 328,130; 312,561 i $19,466,000 imported by Great Britain from Spain, a $29,229,000 imported by Great Britain from Spain. »$29,233,000 imported by France from Spain. 164 * $17,553,000 exported by Germany to Belgium. v Preliminary figures for the period Feb. 4-25 170 FEDERAL RESERVE BULLETIN MARCH, 1932 GOLD MOVEMENTS—Continued [In thousands of dollars] Switzerland: Net imports from— Netherlands: Net imports from— All countries Month United States France 203 -3,166 43 j -988 25 54 I 41 29 36 23 16 9 18 - 1 6 , 553 251 I 21 34 j 34 229 -60 115 35 31 10 -6 —fi -7 -16 -8 -10 -8 -2 12,063 -39 -21 -7,724 1,018 I - 2 0 , 5 2 8 11, 932 1931—January February... March April May _June July _ August September-. October November.. December—_ 249 —118 -156 -433 -519 24, 384 9,397 60,076 19, 020 30, 598 36,551 19, 567 16,413 21,551 1,449 26 276 ! 30 19 i 31 -14 I 25 -65 : 23 -145 I 23 -21 37 9,820 39 60,722 -86 15, 387 14,781 - 1 7 , 572 7,982 -1,113 8,849 - 2 , 325 -43 —164 -142 -392 -382 24,176 -229 -556 -113 17,455 4,717 11, 672 Total..... 198,619 39,413 117,591 -21,024 56, 059 7,130 7, 747 3,100 - 3 , 521 -304 1932—January All other All councountries tries Germany "I -2,976 1930—January -946 February.._ 78 March 60 April 56 May 23 June ., - 1 6 , 539 July.— 273 August 68 September.. 12,139 October 35 November.. 3 December—_ Total England Germany 406 216 208 2,521 470 242 5,235 6,955 2,351 4,350 568 253 325 95 1,233 29 24 -5 1 -22 -8 -17 1 -167 -159 -92 -56 -118 -92 -101 -76 -167 -330 -173 -112 -215 -134 -73 -226 -173 -152 -136 -81 -257 -237 -279 -306 24, 205 1,911 — 1 , 643 -2,270 972 201 143 100 123 3,269 1,072 23 i 186 1,722 32,919 5,346 3,224 9,805 254 18, 364 -16 -42 -32 -6 8,220 2,300 66 23 3,398 4,519 -63 -70 -58 -39 -11 6,110 -36 50 1 8,270 25,604 -75 332 11,044 16,577 44,196 408 203 -223 -185 -153 -38 -123 -146 -69 8 6,751 * 7,181 209 11 55 41, 301 19,317 39,684 72,760 13,267 1,300 1,972 10 278 248 139 3,473 207 13 I 22 5 4,993 6 6,799 8 1,905 2 3,775 -92 99 -76 267 -18 -158 I 22,204 -Si 6 -29 -2 -13 207 -232 -128 1 3,831 -479 2 3, 413 -78 —54 —111 -10 -18 17,475 3,597 18,096 25, 505 94, 339 43, 572 19, 687 6,580 222,751 'I 36,422 109 All other countries France -4 5 671 South Africa ^Iand En State 5,653 2,067 304 British India Month British Oceania Mesopotamia 1,263 468 415 1,304 1,363 1,135 407 1,144 534 296 360 1,800 1,865 855 213 96 158 563 1,389 410 10 433 261 194 191 344 172 262 165 150 154 204 152 259 154 1,417 123 1 175 3,447 3,651 6,827 57, 672 8,681 8,053 —286 8S0 943 600 696 - 1 , 752 —803 -270 62 -31,250 -30,311 - 6 3 , 750 -10 -778 - 9 , 922 -4,139 -7,402 — 1,024 323 -26 102 295 - 2 , 254 -1,539 -979 -103 -12,207 - 2 2 , 041 - 5 5 , 282 94 211 418 199 99 170 404 224 352 28 - 1 2 5 . 240 - 2 2 , 256 - 9 4 , 737 2,199 2,284 All countries 1930—JanuaryFebruary March April . May June July August September October November December _ __ Total 1931—January February March April May _ June July AugustSeptember October November December . _ Total 1932—January Increase Increase Gold pro- in Govin priduction7 ernment vate All other in India reserves holdings countries in India in India 8 Net imports from— United States 5, 370 3,844 3,447 5,953 6,452 9,203 3 404 13, 461 3 568 967 1,323 682 » -33,510 England o -4 Natal 6,922 1 573 400 24 123 696 1,197 658 817 1,080 920 1 455 3, 852 847 109 248 152 610 589 595 309 309 577 571 621 607 639 677 702 —36 17 5, 796 4,433 4 042 6, 262 6, 725 9 780 3 975 14, 082 4 175 1 60f> 2 036 1,367 2,402 26. 513 12, 023 6,806 200 64, 278 138 113 144 118 167 146 79 202 163 335 466 212 247 49 113 74 24 25 9 «260 184 •294 107 111 165 253 223 •167 «-10,059 • - 4 , 597 - 1 , 288 649 582 596 563 523 491 502 517 564 675 592 *592 1 9 6,942 6,168 5,866 3,397 7,362 3,760 21 -353 359 0 362 1,453 - 5 , 403 - 5 , 005 - 4 , 647 -4,658 - 7 , 663 -3,513 605 - 3 0 , 222 -30,078 *-63,158 1,447 -14,177 *6,846 70 262 575 i " *592 183 36 33. 532 v-151,927 18 »-32,900 i $4,020,000 imported by Netherlands from Dutch East Indies. a $3,824,000 imported by Netherlands from British India. * $7,293,000 imported by Switzerland from Norway. » $6,733,000 imported by Switzerland from Australia. « $9,084,000 was exported from India to Netherlands. • $2,367,000 was exported from India to Netherlands; $2,729,000 to France, '8 Reported monthly production of the Mysore district plus $82,000 representing the average monthly production of the rest of India in 1930. Figures derived from preceding columns. Net imports plus production minus increase in government reserves in India. 9 Preliminary. • Corrected. 171 FEDERAL RESERVE BtTLLETIN MARCH, 1932 GOVERNMENT NOTE ISSUES AND RESERVES [Figures are for last report date of month] 1932 Jan. Argentine Conversion Office (millions of gold pesos): Gold Notes issued 1 Irish Currency Commission (thousands of pounds sterling): Legal tender note f u n d British legal tender and bank balances .... British securities Notes issued Consolidated bank notes ?— Issued Deemed such under sec. 60 (4) of currency act, 1927 1932 1931 Dec. 260 547 261 548 Nov. Jan. 1 273 542 411 539 ; 22 426 70 6, 725 7,119 7,219 0,795 7,546 7,241 150 6,896 7,046 4,350 4,333 4,293 3,930 1, 631 1,649 1,067 1,908 Jan. Canadian Minister of Finance (millions of Canadian dollars): Gold reserve against Dominion notes.. Advances to banks under finance a c t . . Dominion n o t e s 170 Issued Outside chartered bank holdings.. Indian Government (millions of rupees): Gold standard r e s e r v e ! Gold 395 : Foreign exchange i 138 Paper currency r e s e r v e 48 Gold 1,158 Silver coin and bullion 585 Other assets 1,792 Notes issued 1931 Dec. Nov. Jan 67 75 13 174 30 197 29 147 28 398 136 399 135 89 444 46 1,230 518 1,793 45 1,294 285 1,624 262 1,211 109 1,582 1 2 Includes a small quantity of subsidiary coin, amounting on Jan. 31,1932, to 15,000,000 pesos. The figures of consolidated bank notes issued represent daily averages for the 4 weeks ended Jan. 9, 1932, and Dec. 12, Nov. 14, and Jan. 10, 1931. c The figures for notes deemed to be consolidated bank notes are as of the close of business on these dates. Corrected. \ BANK FOR INTERNATIONAL SETTLEMENTS [In thousands of dollars converted from Swiss francs at par: 1 Swiss franc=$0.1930] 1932 1932 1931 Cash on hand and on current account with banks Demand funds at interest Rediscountable bills and acceptances (at cost): Commercial bills and bankers' acceptances Treasury bills Total. Time funds at interest: Not exceeding 3 months.. Between 3 and 6 months. Total- Jan.31 Dec. 31 3,343 30, 295 2,972 27,615 J a n . 31 1,099 16, 505 78, 458 19, 370 OS, 776 18, 518 66, 965 35, 789 97, 828 87, 294 102, 754 45, 057 46, 484 139, 367 31, 312 45, 057 46, 484 170, 679 Sundry bills and investments: Maturing within 6 months Between 6 months and 1 year. Over 1 year 21, 2G5 Total. Other resources 161 31,715 2,363 101 29, 050 7,176 21,425 2,011 34, 24.0 2,276 36, 226 2,369 Short-term deposits: Central banks for own account— Demand _ TimeNot exceeding 3 months.. Between 3 and 6 months. Total. Central banks for account of o t h e r s Demand... TimeNot exceeding 3 months Between 3 and 6 months Total _ Other depositors— Demand Time—not exceeding 3 months.. Long-term deposits: Annuity trust account .German Government deposit. _ French Government guaranty fund. Total Capital paid in Reserves: Legal reserve fund D i v i d e n d reserve f u n d . General reserve fund Other liabilities Total resources 1931 Liabilities Resources j 199,960 200, 880 329, 631 Total liabilities . Jan.31 Dec. 31 60,897 57, 392 45,897 30, 768 32, 073 112,022 1,196 91,605 19, 464 159,115 14, 995 19, 566 35,306 6,854 6,594 29,064 24, 063 21,849 26,161 88, 433 1,144 654 29,077 14, 839 13, 249 29, 677 14, 839 13, 249 29, 779 14, 890 13, 277 57, 705 20, 941 57, 765 20, 941 57, 945 19,855 108 211 422 5, 854 108 211 422 5,155 2,557 199, 960 200, 880 329, 631 J a n . 31 1,682 172 FEDERAL RESERVE BULLETIN MARCH, 1932 CENTRAL BANKS [For explanation of these tables see BULLETIN for February, 1931, pp. 81-83] Resources of banking department Bank of England Gold (in issue department) i eserves Coin Millions of pounds sterling: 1930—Dec. 31_ 1931—Jan. 28. Feb. 25__. Mar. 25 Apr. 29 May 27 June 24 July 29 Aug. 26 Sept. 30 Oct. 28 Nov. 25 Dec. 30 1932—Jan. 27 —.. Feb. 24 147.6 139.5 140.8 143.6 146.3 151.0 162.9 132.0 133.3 134.8 135.7 120.7 120.7 120.8 120. 8 .7 .8 .9 .9 1.1 1.1 1.3 1.3 1.3 1.3 1.0 .6 .0 .6 Notes Discounts Securiand ties advances 38.8 52.7 53.2 54.8 56.5 56.2 70.1 32.7 58.0 52.6 54.6 41.3 31.6 49.9 49.4 49.0 9.7 8.5 11.4 7.2 6.8 9.6 9.7 9.3 14.8 10.5 12.7 27.3 12.9 11.5 104.7 62.9 64.4 52.1 56.7 59.8 57.5 79.2 78.2 94.9 84.6 87.8 133.0 82.5 71.0 Liabilities of banking department Note circulation Deposits Bankers' 368.8 346.8 347.7 348.8 349.8 354. 9 352.8 359.4 350.3 357.2 356.0 354.4 364.2 345.9 34G.4 132.4 55.2 59.1 57.7 48.9 54.8 61.6 55.8 53.6 62.6 63.5 59.8 126.4 74.3 67.9 Gold Millions of francs: 1930—Dec. 26. 1931—Jan. 30_. Feb. 27_ Mar. 27. Apr. 24. May 29June 26. July 31. Aug. 28. Sept. 25. Oct. 30. Nov. 27. Dec. 30. 1932—Jan. 29_. Feb. 26.. 53,578 55,510 55,924 56,116 55,616 55,634 56,426 58,407 58,563 59,346 64,648 67,844 68, 863 71,625 75,059 Foreign Domestic Security loans exchange bills 26,179 26, 323 26,316 26,307 26,305 26,160 26,209 26,242 27,611 25,194 27,600 24,273 21, 111 18,805 15,127 8,429 9,463 8,250 7,084 6,502 6,190 5,576 4,564 5,820 5,880 8,809 7,766 7,389 6,555 5,544 2,901 2,866 2,801 2,858 2,795 2,806 2,779 2,860 2,729 2,754 2,712 2,731 2,730 2,744 2,707 Gold Millions of reichsmarks: 1930—Dec. 31 1931—Jan. 31 Feb. 28 Mar. 31 Apr. 30 May 30— June 30__ July 31 Aug. 31 Sept. 30 Oct. 31 Nov. 30 Dec. 31 1932—Jan. 30 Feb. 29 1 2,216 2,244 2,285 2,323 2,368 2,390 1,421 1,363 1,366 1,301 1,145 1,005 Negotiable securities 2 928 206 86 76 142 45 25 74 249 38 124 2,366 ., 942 79 ;51 ., 818 ,791 2,579 3,273 3,101 3,545 4,010 3, 901 4,144 3,632 3,324 18.0 18.1 18.2 18.3 17.7 17.8 17.9 18.1 18.2 18.3 17.7 17.8 18.0 18.1 18.2 11, 698 11,659 10,963 12, 577 12,062 12,669 15,187 14, 736 17,649 18, 542 22,954 24,171 22,183 23, 552 24,899 2,241 2,198 2,221 2,260 2,462 2,394 2,250 2,195 2,227 2,266 2,441 2,442 1,989 1,910 1,925 9.5 17.7 17.4 25.2 15.2 26.3 30.1 17.3 27.0 7.7 15.3 14.1 5,304 5,199 5,199 5,082 5,082 5,082 5,082 5,065 5,065 5,065 5,065 i 5,065 I 7,157 ! 6,899 6,882 Deposits Other assets 6,609 6,898 6,982 7,026 7,134 7,316 6,807 8,958 8,193 8,099 8,428 8,647 8,545 8,278 8,329 Note circulation 76,436 78,559 78,947 77,864 77, 231 78,185 76,927 79,862 78,635 78,173 83, 639 82, 543 85, 725 84,723 83,189 12,624 13,844 13, 339 11, 773 11,680 9,940 8,513 9,303 9,470 7,357 8,227 7,170 5.898 4,722 3,637 Liabilities Reserves Other in foreign Treasury bills (and Security Securities bills loans exchange checks) 469 199 166 188 157 186 300 246 356 139 131 170 172 145 149 Other liabilities 36.2 33.4 33.3 33.7 37.0 33.8 33.5 33.7 48.7 52.6 52.6 38.1 40.3 38.2 32.2 6.6 19.4 16.2 Resources Reichsbank Other Liabilities Resources Bank of France Public 256 174 301 274 287 167 355 347 208 301 240 254 245 158 303 102 103 102 103 103 103 103 103 103 103 103 103 161 161 162 Other assets 733 676 638 668 721 936 958 972 1,016 963 980 1,065 1,098 1,100 Note circulation 4,778 4,383 4,428 4,456 4,340 4,299 4,295 4,454 4,384 4,609 4,746 4,641 4,776 4,407 4,268 Deposits 652 267 325 387 355 353 398 834 509 613 518 506 755 394 423 Other liabilities 822 831 832 775 749 731 1,074 1,251 1,251 1,306 1,326 1,323 1,338 1,373 1,318 In addition the issue department holds Government and other securities and silver coin as cover for the fiduciary issue, which isfixedby law at £260,000,000. Since Aug. 1, 1931, however, a temporary increase of £15,000,000 in the fiduciary issue (and securities held as cover) has been permitted 2 Issued by the independent'office for retirement of public debt (caisse autonome d'araortissement). 173 FEDERAL RESERVE BULLETIN MARCH, 1832 CENTRAL BANKS—Continued [Figures are for last report date of month] 1931 1932 Janu- Decem- November ber ary National Bank of Albania (thousands of Albanian francs): Gold Foreign exchange.--Loans and discounts Other assets Note circulation Demand deposits Other liabilities Commonwealth Bank of Australia (thousands of Australian pounds): Issue department10,500 Gold coin and bullion 41,745 Securities Banking department874 Coin, bullion, and cash Money at short call in Lon15, 570 don 17,542 Loans and discounts 28, 616 Securities. ._ 65,082 Deposits 46,566 Bank notes in circulation. __ Austrian National Bank (millions of schillings): Gold. 179 87 Foreign exchange of the reserve. _ Other foreign exchange 12 884 Domestic bills Government debt 97 Note circulation 093 113 Deposits National Bank of Belgium (millions of belgas): 2,534 Gold.... 0 Foreign bills and balances in gold. 923 Domestic and foreign bills 288 Loans to State.. 3,672 Note circulation 189 Deposits Central Bank of Bolivia (thousands of bolivianos): Gold. Foreign exchange Loans and discounts Note circulation.. Deposits Bank of Brazil (millions of milreis): Gold Currency Correspondents abroad Loans and discounts. _ Securities. Note circulation Deposits._. National Bank of Bulgaria (millions of leva): 1,512 Gold.. 70 Net foreign exchange 333 Total foreign exchaEge 699 Loans and discounts 2,965 Government obligations 2,730 Note circulation Other sight liabilities ^ 1,514 Central Bank of Chile (millions of pesos): Gold at home 67 Foreign exchange 108 Loans and discounts 173 Note circulation 324 Deposits against which reserve is held Central Bank of China i (thousands of Yuan dollars): Gold Silver Due from banks abroad Due from domestic banks. Loans and discounts Securities. _ _ Other assets Note circulation DepositsGovernment 1 Items for issue and banking departments Central Bank of China—Continued Deposits—Continued Bank.. Other Other liabilities Bank of the Republic of Colombia (thousands of pesos): 16,110 Gold at home 13,845 Gold abroad.. __ Loans to member banks Note circulation. Deposits 10,500 10, 500 15,386 National bank of Czechoslovakia 44,234 41,248 5,682 (millions of Czechoslovak crowns): Gold 1,421 Foreign balances and currency Loans and advances. 13, 795 4,662 Assets of banking office in liqui12,185 18,901 19, 765 dation 28,795 17,684 23,183 Note circulation48,483 47,810 49,728 Deposits 49,392 45, 778 39,306 Danish National Bank (millions of kroner): Gold.. 214 190 Foreign bills, etc 190 140 116 102 Loans and discounts 496 41 Note circulation 26 136 820 908 Deposits 101 Bank of Danzig (thousands of Danzig 96 96 979 1,130 gulden): 1,183 112 140 128 Gold Foreign exchange of the reserve Other foreign exchange. Loans and discounts __ 2,550 2,558 1,376 Note circulation 0 889 0 Deposits... 793 936 976 292 Central Bank of Ecuador (thousands 290 288 of sucres): 3,654 3,550 3,206 Gold. 334 264 194 Foreign exchange.. Loans and discounts... Note circulation 3,354 2,899 2,781 Deposits _ __ 23,264 23,378 37,088 23,207 22,190 24,031 National Bank of Egypt * (thousands of Egyptian pounds): 26,626 25, 706 30,811 Gold 11,229 11,016 15,265 Foreign exchange British Government securities Loans and discounts 279 274 341 Egyptian Government securities. 114 75 306 Other assets.. 1,413 1,612 1,618 Note circulation 124 138 145 Deposits170 170 170 Government 1,527 1,657 1,583 Other Other liabilities Bank of Estonia (thousands of 1,510 1,511 1,458 krooni): 267 51 116 Gold 704 478 405 Net foreign exchange... 683 881 852 Loans and discounts 3,101 3,031 3,029 Note circulation 3,059 2,981 2,919 Deposits1,460 1,503 1,448 Government Bankers _. Other 67 62 Bank of Finland (millions of Finnish 131 128 258 marks): 222 208 94 Gold 319 311 292 Balances abroad and foreign credits... _. 90 79 42 Foreign bills Domestic bills Note circulation 12, 210 Demand liabilities 44,773 30, 967 Bank of Greece (millions of drach19, 763 9,223 mas): 23, 700 38,045 Gold 72,127 31, 737 Net foreign exchange in reserve.. 10,493 4,004 Total foreign exchange 8,198 23,455 Loans and discounts 34,417 22, 576 Government obligations Note circulation I 94, 684 70,192 Other sight liabilities.. consolidated. 5,094 24, 949 4,532 7,133 11,869 16, 399 13,441 5,123 24,641 4,623 7,496 11,927 1931 1932 January 1,924 26, 570 3,644 4,888 12, 596 11,993 14,237 Janu- Decem- Novem-i Januber ber ! ary ary 6,661 9,129 7,626 4,649 16,516 18,228 17,617 20, 578 14,289 10,809 9,854 4,735 35,364 9,456 3,746 43,671 10,684 4,634 18,771 19, 711 11,330 14,793 9,268 13,230 25,352 8,130 1,649 940 1,611 1,649 1,060 2,316 1,567 1,146 1,656 1,544 2,233 255 290 384 294 7,679 361 299 7,166 194 318 6,608 987 149 26 173 325 50 144 36 172 347 63 144 39 155 340 49 172 81 85 341 32 21,825 21,830 25,531 21, 533 6,310 6,403 10,661 9,457 44,042 42, 747 10,263 6,111 118 17,100 16,151 19, 618 36,519 1,763 5,663 5,653 9,904 10,860 14,227 14,408 19,134 19, 598 8,975 9,595 5,653 20, 710 13,654 22,147 14,368 4,225 1,619 15,098 9,129 14, 757 4,450 19,057 4,093 3,194 16,160 7,653 15,859 3,042 19,898 5,120 16, 916 8,184 6,358 15,925 7,820 7,307 6,559 6,552 14, 244 14, 933 13,970 22.436 24,102 23,166 34.437 35,159 37,124 6, 546 16,221 24,460 33,314 21,821 22,134 6,212 10, 220 42,195 8,572 5,083 5,571 2,856 6, 005 5, 266 4,893 3,429 2,071 9,178 3,530 2,177 304 304 304 301 420 247 972 1,220 234 413 204 1,085 1,293 262 305 201 1,113 1,237 207 732 188 725 1,231 170 869 772 906 830 3,151 3,797 585 869 1,047 1,268 533 3,126 4,003 702 868 1,281 1,480 523 3,128 3,987 891 513 2,272 2,843 325 3,389 4,521 1,797 174 FEDERAL RESERVE BULLETIN MARCH, 1932 CENTRAL BANKS—Continued [Figures are for last report date of month] 1932 1931 1931 Janu- Decem- Novem- January ary ber ber Central Bank of Guatemala (thousands of quetzales): 2,033 2,255 2,228 Gold coin 697 Balances abroad 307 490 6,293 6,378 5,998 Loans and discounts Other assets - 1,122 1,560 1,071 6,025 Note circulation 6,120 6,351 1,115 Demand deposits 1,067 1,170 55 Other deposits.. _ 77 67 Other liabilities2,948 2,938 2,496 National Bank of Hungary (millions of pengos): 100 105 102 Gold 16 12 16 Foreign bills, etc 425 Loans and discounts _ 441 421 58 Advances to treasury _ 58 58 13 Other assets 27 37 416 Note circulation 423 392 97 Deposits --. 126 148 72 Miscellaneous liabilities 63 Bank of Italy (millions of lire): 5,626 5,626 5,626 Gold at home. 1,935 2,170 2,361 Credits and balances abroad 5,311 5,665 5,109 Loans and discounts 13,971 14,295 14, 254 Total note circulation 300 Public deposits _300 300 2,049 1,770 1,910 Other deposits.Bank of Japan (millions of yen): 431 470 Gold 558 1,004 1,051 Advances and discounts 931 143 218 Government bonds 118 Notes issued . . 1,187 1,286 1,087 407 Total deposits_ _ 519 290 Bank of Java (millions of florins): 113 113 132 Gold 5 9 5 Foreign bills58 50 Loans and discounts 56 230 234 Note circulation _225 Deposits. _ 27 28 28 Bank of Latvia (millions of lats): 33 32 32 Gold 13 13 14 Foreign exchange reserve _ 79 77 78 Bills 59 59 Loans 41 41 Note circulation. 58 59 58 Government deposits. _ 87 93 87 Other deposits Bank of Lithuania (millions of litas): 50 50 Gold 29 33 40 Foreign currency 103 109 118 Loans and discounts 104 113 109 Note circulation _ 73 80 78 Deposits Netherlands Bank (millions of florins): 873 j 887 901 Gold 84 | 86 66 Foreign bills _ 175 188 219 Loans and discounts 984 1,023 1,051 Note circulation 190 199 180 DepositsBank of Norway (millions of kroner): 155 154 158 Gold 8 16 16 Foreign balances and bills 236 250 256 Domestic credits _ 311 334 288 Note circulation 2 2 2 Foreign deposits __ 88 68 67 Total deposits Central Reserve Bank of Peru (thousands of soles): 59,705 '60,416 Gold 4S4 805 Foreign exchange 12,914 12,534 Bills -— 54,620 56,308 Note circulation.. 7,706 6,368 Deposits Bank of Poland (millions of zlotys): 487 487 Gold at home 114 114 111 Gold abroad 88 84 Foreign exchange of the reserve 125 126 119 Other foreign exchange 796 751 Loans and discounts 789 2,679 1,380 6,364 941 6,518 1,757 212 2,878 163 14 265 64 28 446 19 44 5,299 4,038 5,038 15,212 300 2,232 832 739 136 1,213 577 129 33 51 243 24 33 86 72 49 84 83 39 74 101 110 95 436 251 132 801 64 146 23 187 290 1 57 62,886 8,298 20,586 62,126 6,867 485 77 262 122 711 I Janu- Decem- Novem-; January ber j ary ber Bank of Poland—Continued. Note circulation _.. Current account of the treasury.. Other current accounts .Bank of Portugal (millions of escudos): Gold Net foreign exchange and other reserves Discounts and advances Government obligations Note circulation Other sight liabilities National Bank of Rumania (millions of lei): Gold at home _ Gold abroad— Foreign exchange of the reserve.. Other foreign exchange Loans and discounts State debt Note circulation __ Demand deposits South African Reserve Bank (thousands of South African pounds): Gold Foreign bills.. Domestic bills Note circulation.. Deposits— Government Bank — Other Bank of Spain (millions of pesetas): Gold Silver Balances abroad Loans and discounts Note circulation Deposits _Bank of Sweden (millions of kronor): Gold Foreign bills, etc Loans and discounts Note circulation Deposits Swiss National Bank (millions of francs): Gold .._ Foreign balances and bills _. Loans and discounts Note circulation Demand deposits Bank of the Republic of Uruguay (thousands of pesos): Gold Loans and discounts Other assets Note circulation.DepositsDemand Time Judicial and AdministrativeOther liabilities State Bank of U. S. S. R. (note-issuing department; thousands of chervontsi): Gold Other precious metals Foreign exchange Note circulation National Bank of the Kingdom of Yugoslavia (millions of dinars) : Gold Foreign exchange.__ Loans and discounts Advances to State.Note circulation Other sight liabilities 1,152 32 201 1,211 37 172 1,277 48 137 272 209 591 348 1,058 1,936 312 0) 422 1,531 1,920 0) 5,931 5,903 5,874 3,769 3,769 3,114 84 527 1,721 6 34 17 13, 246 13,857 13,962 3,767 3,810 5,237 22, 713 23,755 23, 519 4,446 4,417 5,966 5,356 3,919 1,696 59 7,906 5,617 18,449 6,070 8,172 53 2,949 8,116 8,104 41 3,688 8,799 7,700 29 3,755 8,067 6,974 7,374 589 8,256 1,180 4,618 59 1,277 4,267 533 1,672 4,115 501 1,921 5,164 229 2,248 526 284 3,084 4,923 1,083 2,247 517 281 3,149 4,949 1,098 2,247 526 282 3,160 4,954 1,135 2,415 711 107 2,062 4,667 811 206 85 527 526 214 206 54 586 583 177 206 31 553 576 119 241 371 212 533 205 2,446 112 83 1,519 1,128 2,347 104 99 1,609 962 2,201 84 135 1,477 953 655 384 949 51,214 57,485 103,193 109, 397 36, 379 29,429 77,592 72,078 33,398 38,652 3,255 37,888 42,280 44,950 3,451 33,552 63,842 63,794 61,257 48,361 2,184 2,280 2,224 2,189 4,590 4,647 4,768 4,564 266,966 278,441 267,321 210,835 1,759 290 2,216 2,180 4,945 i Figures published previous to reorganization of bank July 1,1 931, are not comparable with current figures. 1,218 10 204 1,758 425 2,253 1,799 5,172 417 1,758 491 2,161 2,100 5,239 552 • Corrected. 1,082 123 1,552 2,997 5,064 1,040 175 FEDERAL RESERVE BULLETIN MARCH, 1932 COMMERCIAL BANKS 1931 1932 Country Jan. Feb. Apr. Mar. May June July Aug, Sept. Oct. Nov. Dec. Jan. I Argentina (millions of gold pesos): Bank of the N a t i o n GoldOther cash.__ Loans and discounts Deposits „-.. Other banks in Buenos A i r e s Gold Other cash.. _ j Loans and discounts Deposits.. Canada (millions of Canadian dollars): Assets entirely in 1C a n a d a Cash in vault Cash in central gold reserves. Security loans Other current loans Security loans abroad.._ Securities _ Liabilities entirely in C a n a d a Notes in circulation Individual demand deposits Individual time d e p o s i t s England (millions of pounds sterling): Cash in vault and at bank Money at call and short notice. Advances and discounts Investments Deposits France (millions of francs): Bills and national-defense bonds Loans and advances Demand deposits _ Time deposits Germany (millions of reichsmarks): Bills and treasury notes Due from other banks Miscellaneous loans._ __. Deposits Acceptances Japan (millions of yen): Cash on hand Loans Deposits 610 713 1 83 606 706 202 913 1,045 158 22 192 1,141 120 593 129 2 85 626 ! 695 ! 1 125 640 712 1 118 633 1 108 642 706 655 680 ! 1 94 656 662 1 91 681 663 1 90 708 661 1 109 696 652 1. 107 707 641 209 910 1,043 173 912 | 1,020 i 172 910 997 180 885 996 202 871 990 194 857 971 199 843 971 7 190 852 966 2 186 847 947 2 194 830 2 203 817 151 25 186 1,116 132 654 148 , 27 175 1,115 137 649 157 156 26 29 181 187 1,130 I 1,139 117 98 651 669 150 28 182 1,127 108 695 147 26 163 1,126 105 694 147 28 159 1,127 110 701 157 24 167 1,137 90 678 159 27 159 1,141 91 129 128 126 :i 131 I 153 124 i I 176 22 131 1,071 66 674 201 i 175 25 26 157 135 1,102 1,082 113 83 719 694 126 128 129 123 557 1,429 543 1,436 579 i 1,445 I 1,453 580 1,456 601 1,450 561 1,451 568 1,461 594 1,456 581 1,462 | 617 1,396 567 ! 1,360 ! 507 195 143 1,237 281 1,836 187 115 1,208 293 1,782 181 112 1,159 295 1,726 176 ! 184 129 ; 131 1,141 ! 1,172 274; 272 1, 700 ! 1,744 181 128 1,178 283 1,750 177 112 1,156 286 1,708 171 106 1,132 288 1,675 173 113 1,131 288 1,688 170 108 1,125 284 1,670 181 118 1,131 281 1,700 21,081 21,098 10, 764 11,326 35,090 35,456 1,521 1,656 21,363 11,232 36,106 1,669 20, 242 18, 961 10,076 9, 863 36,137 36,972 1,429 1,370 17,851 9,797 37, 019 1,332 175 115 1,134 292 1,698 I 21,869 22,930 . 22, 507 20, 919 21,153 11,156 10,762 i 10,342 9,898 9,868 36, 971 37,861 . 37,938 36,642 36,991 1, 623 1,601 ! 1,564 1,539 1,545 2,497 2,532 2,529 2,548 946 981 857 956 8,225 8,144 7,818 8,021 10, 729 10, 778 10, 683 10,395 657 582 600 275 2,220 2,009 277 2,217 2,142 274 2,176 2,150 332 2,184 2,161 1,914 686 7,699 9,277 816 131 140 1,280 546 7,337 8,167 874 1,500 514 7,115 8,060 840 1,509 ! 1,406 465 373 6,884 6,837 7,873 : 7,500 818 * 891 1,431 345 6,748 7,390 910 361 ; 274 134 2,156 I 2,166 2,169 2,181 I 2,233 2,151 217 2,140 2,122 197 I 126 2,146 I 2,171 2,102 ! 2,066 146 2,208 2,059 177 116 1,128 268 1,677 I 140 2,247 2,051 124 2,283 2,008 commercial banks; i Gold, Dominion notes, and subsidiary coin. NOTE.—Banks included are as follows: Canada—chartered banks; England—nine London clearing banks; Germany—six Berlin banks; Japan—Tokyo banks. France—four 176 FEDERAL RESERVE BULLETIN MARCH, 1932 DISCOUNT RATES OF CENTRAL BANKS Date effective In effect May 1,1930. May 2 May 19 May 20 June 21 July 10 Oct. 9 Jan. 3,1931 Jan. 22 Jan. 24 May 14 May 16 June 13 July 16 July 23 July 30 Aug. 1 Aug 12 Sept 2 Sept. 21 Sept 28 Sept. 29 Oct. 10 Dec 10 Feb. 18,1932 Mar 9 Mar. 10 In effect Mar. 12,1932. Bank Bank German Bank Nether- Swiss NaReichslands of of Engof land France bank Italy Bank tional Bank 3 3 6 5 4 Albania Austria Belgium . Bolivia Bulgaria 2H Chile Columbia Czechoslo2 vakia Danzig Denmark Ecuador Estonia Finland Greece Hungary India 3 3 2 5 2 2V 2M 2 7 10 qi/ 4V£ j 15 10 8 i 1 6 7 2H 5 7 6 2H 6 3 7 8 8 7 2 6 6 2 6 5 5 10 7 11 *7 6 In effect since— July Nov. Jan. Aug. Sept. Oct. Jan. Dec. Nov. Mar. Mar. Feb. Feb. Feb. Jan. Feb. , 1,1931 13,1931 13,1932 26,1930 | 29,1931 25,1931 i 22,1932 | Rate Mar. 12 Country Japan Java Latvia Lithuania Norway Peru Poland 22,1931 | Portugal 24,1931 \ Rumania 11,1932 South Africa13,1931 Spain 1,1932 13,1932 Sweden 20,1932 U.S.S.R-__ 20;i932il ^ g o s i a v i a — 25,1932 In effect since— 5.8-4 4V2 6 6 Mar. Mar. Oct. Apr. 12,1932 11,1930 1,1930 1,1930 5 Mar. Sept. Oct. Aug. 3,1932 1,1930 3,1930 10,1931 7 6 Mar. 4,1932 Nov. 13,1931 July 8,1931 Feb. 19,1932 Mar. 22,1927 July 20,1931 Changes since Feb. 1: Denmark—Mar. 11, down from 6 to 5 per cent; England—Feb. 18, down from 6 to 5 per cent; Mar. 10, down from 5 to 4 per cent; Finland—Feb. 13, down from 8 to 7 per cent; German Reichsbank—Mar. 9, down from 7 to 6 per cent; Greece—Feb. 20, down from 12 to 11 per cent; India—Feb. 25, down from 7 to 6 per cent; Bank of Japan—Mar. 12, down from 6.57 to 5.84 per cent; Norway—Feb. 19, down from 6 to 5}4 per cent; Mar. 3, down from 5H to 5 per cent; National Bank of Rumania—Mar. 4, down from 8 to 7 per cent; Sweden—Feb. 19, down from 6 to hy% per cent. 3 :::::: 4 4 Rate Mar. 12 Country 2 MONEY RATES IN FOREIGN COUNTRIES Month Bankers' acceptances, 3 months Treasury bills, 3 months 2.25 2.56 2.60 2.58 2.24 2.09 2.58 4.28 4.74 5.68 5.75 5.85 5.52 2.24 2.37 2.56 2.57 2.21 2.10 2.44 4.21 4.57 5.46 " 5.55 5.60 4.94 1931—January February March April May June July.— August September October November December 1932—January Bankers' Day-to-day allowance money on deposits 1.74 2.29 2.20 2.17 1.87 1.64 2.05 3.59 4.04 4.36 4.96 4.27 4.20 Belgium (Brussels) France (Paris) Italy (Milan) Private discount rate Private discount rate Private discount rate Netherlands (Amsterdam) Germany (Berlin) England (London) Private discount rate 1 1 1 1 1 1 1 -2H 2\i 2^-4 4 4 4 4 4.75 4.88 4.76 4.65 4.65 6.05 17.00 ^8.92 7.99 8.00 8.00 7.33 6.94 Austria (Vienna) Money for Day-to-day 1 month money 6.64 6.31 6.17 5.87 5.83 7.05 18.98 19.18 9.18 9.84 9.31 7.40 7.58 4.93 5.49 5.00 5.67 5.38 6.74 18.89 19.15 9.15 9.21 8.69 8.45 7.86 Private discount rate L. 38 1.12 L. 09 L. 50 L.39 L. 05 I. 53 : .30 ] .30 2. 76 ': .59 ] .57 J.24 Sweden (Stockholm) Hungary Money for 1 month Switzer- land Private discount rate I. 55 t. 05 L.04 L. 61 L.55 L.07 L.40 L. 22 L. 21 *.O7 L.72 L. 59 2.37 1.17 LOO .99 L.06 L. 12 L. 12 1.55 L.98 L80 L. 90 .77 L.75 L. 68 Japan (Tokyo) Month 1931—January February March— April May June July_ August-__ September October November December 1932—January 2.38 2.31 2.25 2.25 2.20 2.13 2.15 2.41 2.44 2.44 2.44 2.44 2.91 1.89 1.77 1.57 1.47 1.28 1.06 1.20 1.50 1.50 1.80 1.90 1.75 1.75 5.50 5.50 5.50 5.48 5.25 5.25 5.25 5.25 5.47 7.50 7.50 7.50 7.50 Private discount rate Loans up Prime to 3 commer- Day-to-day money months cial paper Money forl month 4 -AH ZH -4 3H -4Ms 3% -4 4 4 -6H 5H-6H 5^-6 5^-6 5^-6 5^-6 1 5^-6 - — b%- 7H 53/4- 7% 5H- 7ft 5H- 7 5H- 7 5%- 8 7U-10H 8H-10H 8 -101/3 7%-10 7H-10 1 Based on data for part of month, no quotations being available for remainder of month. 4H-5H 4J4-5 4H-5 4 -5 4H-5 4K-6^ 1 5£$-6J4 5~~-6~~ 5 -6 5 -6 SH-5H 3 -5 3 -5 3 -5 3 -5 3 -5 4 -6 4 -6 8 ~9H 6 -7H 6 -7H 6 -7H 6 -7H Call Discounted money bills overnight 5.48-5.66 5.48 5. 29-5.48 5. 29-5.48 5. 29-5.48 5. 29-5.48 4.93-5.48 4.93-5.48 4.93-5.48 4.93-5.66 5.48-6. 57 5.84-6.57 3.10 2.92 2.74 2.92 2.19 2.19 2.74 3.65 2.56 5.48 5.66 6.57 177 FEDERAL RESERVE BULLETIN MAECH. 1932 FOREIGN EXCHANGE RATES [Monthly averages of daily quotations; based on noon buying rates for cable transfers in New York. In cents per unit of foreign currency] 1931 Monetary unit Country Par of exchange December 1932 January 1931 Country February Par of exchange Peso Boliviano Milreis . . Peso . do Sucre Sol Peso Bolivar 96.48 36.50 11.96 12.17 97.33 20.00 28.00 103.42 19.30 58.5196 35.7500 6.2010 12. 0669 96.5692 20. 0000 27,9538 44. 5487 15.5000 58.2724 36.0000 6.1579 12.0500 95.6656 20.0000 27.9680 44.9160 15. 0200 58.2204 27.3044 6.1720 12.0500 95. 2400 20.0000 27.9913 46.1521 15.2413 Mexican dollar.. 23.92 32.98 23.40 23.75 36.50 49.85 40.20 56.78 23.6010 32. 8054 23.7323 24.8704 25.3612 43. 4644 40.2192 39.0313 23.5237 32.6357 23.6966 24.8396 25.8179 35.9866 40.0940 39. 6900 24.4696 33.1449 24.3587 25.3353 26.0329 34.3233 40.2435 39. 7745 439.65 47.2100 Decem- January February ber SOUTH AMERICA EUROPE Austria . Belgium BulgariaCzechoslovakia.. Denmark England. . Finland France Germany Greece Hungary Italy - . . Netherlands Norway Poland Portugal Rumania Spain Sweden _ Switzerland1 U. S. S. R. Yugoslavia Schilling Belga Lev. Crown Krone Pound Markka Franc Reichsmark... Drachma Pengo Lira Florin Krone Zloty Escudo Leu Peseta Krona Franc Chervonetz... Dinar 14.07 13.9460 13.9518 13.90 13.9039 13.9140 .72 .7151 .7148 2.96 2.9626 2. 9627 18. 5875 18.8801 26.80 486.66 337. 3707 343.1210 2.52 1. 6938 1.5036 3.92 3.9229 3.9294 23.82 23. 6192 23.6475 1.30 1.2877 1.2879 17.49 17.4580 17. 4500 5.1094 5.0441 5.26 40. 2338 40.20 40.1828 26.80 18. 4831 18. 6969 11.22 11.1934 11.1902 4.42 3. 2302 3.1642 .60 .5959 .5951 8.3992 19.30 8. 3945 18.7098 26.80 19.1888 19.30 19.4805 19. 5074 514. 60 2 515.0000 2 515.0000 1.76 1. 7784 1.7796 13.9516 13.9384 .7145 2. 9627 19.0192 345.6316 1.5014 3.9379 23. 7392 1. 2875 17.4397 5.1799 40.3479 18. 7701 11.1896 3.1830 .5950 7. 7671 19. 2922 19.4961 2 515.0000 1.7803 Argentina Bolivia»___ Brazil Chile Dollar Peso _. Silver peso _ Colombia1 Ecuador .. Peru 1 Uruguay 1 Venezuela .. ASIA China 3 China 3 China 3 Hong Kong 3 India... Japan1 Java Straits Settlements. Turkey Shanghai tael Yuan dollar Dollar . Rupee Yen Florin Singapore dollar. Turkish p o u n d . . AFRICA NORTH AMERICA Canada Cuba Mexico.. 1932 Monetary unit 100.00 100.00 49.85 82.7064 99. 9470 39. 0086 85.1301 99.9296 39.3294 87.2936 99. 9622 37.8712 Egypt 1 Egyptian p o u n d . 494.31 345.9793 Averages based on daily quotations of closing rates as published by New York Journal of Commerce. 2 Chervonetz quotations nominal. 3 Silver currency. The figure given for parity represents gold value of unit in February, 1932, computed by multiplying silver content of unit by New York average price of silver for February, 1932, which was $0.30449 per fine ounce. Back figures.—See BULLETIN for January, 1932, 1931, 1930,1929, and 1928. 178 FEDERAL RESERVE BULLETIN MARCH, 1932 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES SECURITY PRICES I Index numbers except as otherwise specified] Common stocks (1926 average=100) Bonds Month Number of issues. United States (average price) United States England Germany France 35 421 278 300 329 109.6 110.1 112.7 112.7 111.4 110.0 112.3 111.9 112.0 113.1 112.8 112.5 97.5 96.3 95.8 95.5 95.3 95.8 95.7 96.6 96.4 95.4 94.7 94.1 81.2 82.2 82.6 84.7 86.7 87.1 88.0 87.5 86.9 84.7 84.5 83.9 156.3 165.5 172.4 181.0 170.5 152.8 149.3 147.6 148.8 127.6 116.7 109.4 110.2 109.9 109.2 111.1 108.0 101.8 103.1 98.4 101.1 95.4 94.1 89.0 212.9 205.6 205.2 208.6 198.3 187.6 188.8 182.0 182.4 169.5 162.2 149.8 110.1 110.6 109.2 112.1 111.7 106.8 100. & 94.8 93.9 87.9 84.7 80.0 99.4 100.0 99.6 99.7 99.4 99.4 98.5 95.6 89.4 89.0 81.6 112.8 109.7 111.6 111.3 110.8 111.1 111.2 107.2 103.5 104.2 104.8 102.2 95.7 97.9 i 99.0 ! 98.4 ! 98.8 i 98.9 I 99.5 ; 97.7 ! 94.8 94.4 90. 8 ; 84.0 84.3 85.9 87.4 86.4 83.9 112.3 119.8 121.6 109.2 98.0 95.1 98.2 95.5 81.7 69.7 71.7 57.7 89.3 89.4 85.1 76.8 77.8 79.2 73.8 67.2 75.6 74.7 68.1 81.0 104.7 91.5 58.0 69.7 60 87 1930—January.. . February. _ March April May June July August SeptemberOctober November. December. 96.5 96.4 97.8 97.9 | 97.9 I 98.2 98.7 99.6 100.0 99.9 99.1 97.8 1931—January. __ February.. March April _ May June July August September. October November. December.. i I 1932—January... 1 Germany (average price) France England (December, (1913 aver1921=100) age =100) 97.1 • ! 156.7 160.1 155.4 148.5 138.2 141.2 132.6 130.5 115.5 i 106.9 104.3 94.8 75. 0 78.5 83.6 84.8 76.1 69.6 107.3 ! Approximate n u m b e r ; series originally included 208 issues. Stock price series for E n g l a n d , France, a n d G e r m a n y h a v e been converted from original bases to a 3926 base; for original figures see B U L L E T I N for F e b r u a r y , 1931 (p. 91) a n d M a r c h . 1931 (p. 158). Back figures.—See B U L L E T I N for F e b r u a r y , 1932, a n d sources there cited. WHOLESALE PRICES—ALL COMMODITIES Month United States 1(1926=100) 1930—January February... March April May June July August SeptemberOctober November.. December.. 1931—January February... March April May. June July August September.. October November _ December.. 1932—January Canada (1926=100) England (1913=100) 84 82 81 80 78 131 128 125 124 122 121 119 118 116 113 112 109 77 | 76 I 75 | 74 ! 73 i 72 72 71 70 ! 70 ; 71 ! 69 Japan NetherGermany Italy lands (Oct., (1913=100) (1913=100) 1900=100) (1913=100) 576 567 558 548 546 540 558 560 556 552 551 541 132 129 126 127 126 125 125 125 123 120 120 118 107 106 106 106 104 103 102 100 99 104 106 106 541 538 539 540 520 518 500 488 473 457 447 442 106 439 I i i I I i I 70 : 67 i Revised index of the Bureau of Labor Statistics (784 price series). France (1913=100) i | i 417 408 400 396 389 382 375 379 374 364 361 350 201 200 196 193 189 181 177 176 172 165 162 ! 161 I 131 12ft 122 122 118 118 115 114 112 ill 110 107 115 114 114 114 113 112 112 110 109 107 107 104 342 338 339 337 332 327 324 322 319 j 322 320 319 158 I 105 104 103 102 102 100 97 94 91 100 317 160 ! i ! i 158 158 158 154 151 153 152 150 147 147 151 i ! ! ! | i j ! ; 85 84 179 FEDBRAL RESERVE BULLETIN MARCH, 1932 WHOLESALE PRICES—GROUPS OF COMMODITIES [Groups are those comprised in indexes shown in preceding table] England (1913= 100) United States (192C>=100) 1 Month Farm products Foods Other commodities Foods France (1913= 100) Germany (1913=100) Farm IndusIndus- Agriculand food trial tural trial products products products products IndusIndustrial trial raw and finished semifinished products products Provisions 1930_ January February March April May June July August September October November "PecpTnfap-r 101 98 95 96 93 89 83 85 85 83 79 75 97 96 94 95 92 91 87 88 90 89 86 82 90 89 88 88 87 86 85 84 83 82 81 80 139 135 129 129 127 127 127 126 124 121 121 116 127 124 122 121 119 117 115 113 111 109 107 105 512 503 495 481 483 488 540 550 562 562 570 570 630 623 612 606 601 587 573 568 551 543 535 516 122 116 110 112 111 110 115 117 114 109 112 110 115 115 118 118 117 115 114 111 108 108 108 105 128 127 126 125 124 122 119 118 116 114 113 110 156 155 153 152 152 151 151 149 148 147 145 143 1931— January February March April May June July August September October November December 73 70 81 78 79 78 113 112 104 103 580 575 507 505 107 106 102 100 108 106 142 140 77 76 75 74 74 74 74 73 74 72 111 113 113 113 110 108 108 113 115 113 103 102 100 98 98 95 95 100 102 102 581 592 566 571 541 528 508 489 482 491 503 495 480 472 465 452 443 429 416 400 107 108 109 107 105 103 101 99 99 95 99 97 96 P5 97 96 94 95 94 91 106 105 103 103 103 102 100 99 99 97 139 138 137 137 136 136 135 133 132 130 1932—January 53 65 72 114 101 496 390 92 90 92 125 71 70 67 65 65 64 61 59 59 56 78 76 74 73 74 75 74 73 71 69 COST OF LIVING RETAIL FOOD PRICES Month January February March April AdEav June July August September October November December United States (1913=100) England (July, 1914=100) France (July, 1914=100) Germany (191314=100)2 1931 1932 1931 1932 1931 1932 1931 1932 133 127 126 124 121 109 138 136 134 129 129 131 132 132 131 130 129 114 134 131 130 129 130 116 118 119 120 119 119 117 114 1 127 130 128 125 128 121 128 128 130 132 119 116 113 113 131 130 126 125 — 123 122 120 Month England (July, 1914=100) United States (1913=100) 1931 1932 January February March April May June July August,. Septemb( ir October.. Novembc r Decembe r 1932 153 152 150 147 147 147 145 147 150 Germany (191314=100)» 1932 1931 1932 1931 140 139 138 137 1T7 I26 120 145 145 145 14fi 115 i 148 108 ] 146 1931 France (Jan.-June, 1914=100) - 125 i 138 137 135 134 133 13? 130 Revised index numbers of the Bureau of Labor Statistics. 2 Average of October, 1913, January, April, and July, 1914=100. SOURCES: Wholesale prices.—For original sources, see BULLETIN for March, 1931 (p. 159). Retail food prices and cost of living.—United StatesBureau of Labor Statistics, Department of Labor; England—Ministry of Labour; Germany—Statistisches Reichsamt; France—for retail food prices, Statistique GSne'rale, and for cost of living, Commission d'Gtudes relatives au cout de la vie a Paris. 180 FEDERAL RESERVE BULLETIN MARCH, 1932 LAW DEPARTMENT Recent amendments to the Federal reserve act (Glass- banks within its district, a majority of them Steagall bill). independently owned and controlled, upon their There is published below a copy of the act of Congress approved February 27, 1932, which (a) authorizes any Federal reserve bank, subject to certain prescribed conditions and limitations, to make advances to groups of member banks, upon their promissory notes, (b) authorizes any Federal reserve bank, until March 3,1933, in exceptional and exigent circumstances and subject to certain prescribed conditions and limitations, to make advances to a member bank on its promissory notes, and (c) empowers the Federal Reserve Board, when it deems it in the public interest, until March 3, 1933, to authorize the use of direct obligations of the United States as collateral security for Federal reserve notes. In view of the fact that it is contemplated that advances under the first two sections of the Glass-Steagall bill will be made only in unusual circumstances, the Federal Reserve Board does not contemplate issuing any regulations at this time governing such advances but will consider each request by a Federal reserve bank for its consent to such an advance in the light of the facts of each particular case. For the information of all member banks the Federal reserve banks, with the approval of the board, are sending them circular letters advising them of the procedure with respect to such loans; and appropriate forms will be supplied by the Federal reserve banks on the request of any member bank desiring to apply for such advances. [PUBLIC—'No. 44—72D CONGRESS] [H. R. 9203] AN ACT To improve the facilities of the Federal reserve system for the service of commerce, industry, and agriculture, to provide means for meeting the needs of member banks in exceptional circumstances, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the Federal reserve act, as amended, is further amended by inserting, between sections 10 and 11 thereof, a new section reading as follows: "SEC. 10. (a) Upon receiving the consent of not less than five members of the Federal Reserve Board, any Federal reserve bank may make advances, in such amount as the board of directors of such Federal reserve bank may determine, to groups of five or more member time or demand promissory notes, provided the bank or banks which receive the proceeds of such advances as herein provided have no adequate amounts of eligible and acceptable assets available to enable such bank or banks to obtain sufficient credit accommodations from the Federal reserve bank through rediscounts or advances other than as provided in section 10 (b). The liability of the individual banks in each group must be limited to such proportion of the total amount advanced to such group as the deposit liability of the respective banks bears to the aggregate deposit liability of all banks in such group, but such advances may be made to a lesser number of such member banks if the aggregate amount of their deposit liability constitutes at least 10 per centum of the entire deposit liability of the member banks within such district. Such banks shall be authorized to distribute the proceeds of such loans to such of their number and in such amount as they may agree upon, but before so doing they shall require such recipient banks to deposit with a suitable trustee, representing the entire group, their individual notes made in favor of the group protected by such collateral security as may be agreed upon. Any Federal reserve bank making such advance shall charge interest or discount thereon at a rate not less than 1 per centum above its discount rate in effect at the time of making such advance. No such note upon which advances are made by a Federal reserve bank under this section shall be eligible under section 16 of this act as collateral security for Federal reserve notes. "No obligations of any foreign government, individual, partnership, association, or corporation organized under the laws thereof shall be eligible as collateral security for advances under this section. "Member banks are authorized to obligate themselves in accordance with the provisions of this section." SEC. 2. The Federal reserve act, as amended, is further amended by adding, immediately after such new section 10 (a), an additional new section reading as follows: "SEC. 10. (b) Until March 3, 1933, and in exceptional and exigent circumstances, and when any member bank, having a capital of not exceeding $5,000,000, has no further eligible and acceptable assets available to enable it to obtain adequate credit accommodations MARCH, 1932 FEDERAL RESERVE BULLETIN through rediscounting at the Federal reserve bank or any other method provided by this act other than that provided by section 10 (a), any Federal reserve bank, subject in each case to affirmative action by not less than five members of the Federal Reserve Board, may make advances to such member bank on its time or demand promissory notes secured to the satisfaction of such Federal reserve bank: Provided, That (1) each such note shall bear interest at a rate not less than 1 per centum per annum higher than the highest discount rate in effect at such Federal reserve bank on the date of such note; (2) the Federal Reserve Board may by regulation limit and define the classes of assets which may be accepted as security for advances made under authority of this section; and (3) no note accepted for any such advance shall be eligible as collateral security for Federal reserve notes. "No obligations of any foreign government, individual, partnership, association, or corporation organized under the laws thereof shall be eligible as collateral security for advances under this section." SEC. 3. The second paragraph of section 16 of the Federal reserve act, as amended, is amended to read as follows: "Any Federal reserve bank may make application to the local Federal reserve agent for such amount of the Federal reserve notes hereinbefore provided for as it may require. Such application shall be accompanied with a tender to the local Federal reserve agent of collateral 181 in amount equal to the sum of the Federal reserve notes thus applied for and issued pursuant to such application. The collateral security thus offered shall be notes, drafts, bills of exchange, or acceptances acquired under the provisions of section 13 of this act, or bills of exchange indorsed by a member bank of any Federal reserve district and purchased under the provisions of section 14 of this act, or bankers' acceptances purchased under the provisions of said section 14, or gold or gold certificates: Provided, however, That until March 3, 1933, should the Federal Reserve 7 Board deem it in the public interest, it ma} , upon the affirmative vote of not less than a majority of its members, authorize the Federal reserve banks to offer, and the Federal reserve agents to accept, as such collateral security, direct obligations of the United States. On March 3, 1933, or sooner should the Federal Reserve Board so decide, such authorization shall terminate and such obligations of the United States be retired as security for Federal reserve notes. In no event shall such collateral security be less than the amount of Federal reserve notes applied for. The Federal reserve agent shall each day notify the Federal Reserve Board of all issues and withdrawals of Federal reserve notes to and by the Federal reserve bank to which he is accredited. The said Federal Reserve Board may at any time call upon a Federal reserve bank for additional security to protect the Federal reserve notes issued to it." Approved, February 27, 1932. 182 FEDERAL RESERVE BULLETIN MARCH, 1932 DETAILED FEDERAL RESERVE STATISTICS, ETC. FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, ALSO F. R. NOTE STATEMENT [In thousands of dollars] F e b . 29, 1932 J a n . 31, 1932 F e b . 28, 1931 Gold with Federal reserve agents Gold redemption fund with United States Treasury... Gold held exclusively against Federal reserve notes Gold settlement fund with Federal Reserve Board Gold and gold certificates held by banks Total gold reserves Reserves other than gold Total reserves Nonreserve cash Bills discounted: For member banks For intermediate credit banks _ For nonmember banks (secured by adjusted-service certificates).. Total bills discounted ._ 2,068,907 55,743 2, 058, 079 56,093 1,709,384 33,662 2,124, 650 263,663 549, 796 2,114,172 339, 753 521, 596 1, 743, 046 473,690 853,633 2,938,109 201, 645 2,975, 521 193,463 3,070, 369 173, 760 3,139, 754 71,548 3,168,984 68,070 3, 244,129 71,137 817,489 10, 573 415 887.843 10,801 451 197, 515 828,477 899, 095 197, 563 102,297 6,852 144.611 8,322 108,395 578 109,149 152,933 108,973 740,032 744, 925 1,500 599,463 740,032 746,425 599,463 10,000 4,603 8,607 8,019 32,200 500 3,937 8,608 11,925 18,806 1, 708,887 1,855,623 925, 504 15, 916 340, 627 57,821 39, 577 16,137 318,494 57,821 r 37, 759 15,874 475,522 58,192 19,529 5, 374,130 r 5, 522,888 4,809,887 15, 916 2,635, 253 16,137 2,649,099 15,874 1,462, 248 Total notes in circulation. _. Deposits: Member bank—reserve accountGovernment Foreign bank Other deposits Total deposits Deferred availability items. _ Capital paid in. _ Surplus All other liabilities 2,651,169 2, 665, 236 1,478,122 1,848,887 35, 825 16, 583 36,023 1,947, 334 39,415 73,672 33,043 2,343, 373 33,136 5,193 17,494 1,937,318 340, 627 157,492 259, 421 28,103 2,093,464 318,494 | 159,060 i 259,421 '27,213 2,399,196 475, 522 169,131 274,636 13,280 Total liabilitiesContingent liability on bills purchased for foreign correspondents 5,374,130 311, 870 r 5, 522,888 314,035 4,809,887 456, 038 2,911, 743 260, 574 2, 922, 713 257,477 1,870, 232 392,110 2,651,169 2,665,236 | 2,068,907 892,153 2, 058,079 1,006,263 1,709,384 265,365 2,961,060 3,064,342 1,974,749 Bills bought: Outright» Under resale agreement --- Total bills bought.. United States securities: Bought outright— Under resale agreement. Total United States securities.. Other reserve bank credit: Federal intermediate credit bank debentures.. Federal land bank bonds Municipal warrants.. Due from foreign banks Reserve bank float2— Total reserve bank credit outstandingFederal reserve notes of other reserve banks.. Uncollected items not included in float Bank premises All other resources Total resourcesLIABILITIES Federal reserve notes: Held by other Federal reserve banks. Outside Federal reserve banks Federal reserve notes: FEDERAL RESERVE NOTE STATEMENT Issued to Federal reserve banks by Federal reserve agents Held by Federal reserve banks3 _ In actual circulation __ Collateral held by agents as security for notes issued to banks: Gold _ Eligible paper Total collateral.. * Includes bills payable in foreign currencies as follows: Latest month, $33,478,000; month ago, $33,444,000; year ago, $23,958,000. 2 Uncollected items in excess of deferred availability items. 3 Excludes "Federal reserve notes of other Federal reserve banks" which are consequently included in actual circulation. «• Revised. 183 FEDERAL RESERVE BULLETIN If ARCH, 1932 EACH FEDERAL RESERVE BANK—RESOURCES AND LIABILITIES, ALSO FEDERAL RESERVE NOTE STATEMENT, FEBRUARY 29, 1932 [In thousands of dollars] Total Boston New York Phila- Cleve- ! RichSt. delphia land | mond Atlanta Chicago Louis Minneap- Kansas City Dallas olis San Francisco 56,080 29,460 138,763 3,109 998 7,734 30,458 146,497 RESOURCES Gold with Federal reserve 2,068,907 164,627 agents Gold redemption fund with 55,743 4,628 U. S. Treasury Gold held exclusively against Federal reserve 2,124,650 169,255 notes. __* Gold settlement fund with 7,205 Federal Reserve Board Gold and gold certificates held 549,796 19,056 by banks Total gold reserves. Reserves other than gold. Total reserves. Nonreserve cash Bills~discounted: Secured by U. S. Government obligations Other bills discounted.. 2,938,109 195, 516 201, 645 19,465 473,217 157,700 207,470 11,192 7,011 6,332 74,170 86,775 550,320 2,259 2,734 75,770 6,506 2,351 484,409 164,711 213,802 ; 76,429 89,509 556,826 143,368 ! 8,066 28,439 11,312 356,693 | 26,620 24,550 6,458 i 54,555 78,121 55,444 8,489 6,389 5,633 12,490 6,478 19,435 8,956 j 54,217 11,564 2,025 12, 684 3,441 23, 532 6,359 984,470 ! 199, 397266,791 94,199 104,824 619,532 96,074 51,607 ! 23,104 15, 226 10,794 5,292 27, 591 11,177 63,102 84,363 40, 377 189,464 7,997 9,977 11,897 7,518 3,139,754 214,981 1,036,077 222,501 282,017 104,993 110,116 647,123 107,251 70,620 92,360 50,354 201,361 71,548 7,432 17,821 • 5,144 3,599 4,548 4,313 11,774 3,243 1,847 2,075 3,477 6,275 463,319 i 22,368 97, 674 66,817 305,158 j 15,506 I 44,409 57,738 Total bills discounted.,. Bills bought 74,691 i 10,963 12,316 j 51,467 12,597 3,143 10,126 53,487 ! 25,896 33,832 29,295 77,768 11,257 30,003 828,477 i 37,874 | 142,083 124,555 128,178 36,859 46,148 80,762 20,365 14,400 40,129 109,149 I 8,162 j 29,965 | 6,271 7,263 5,241 7,232 14,304 4,422 3,018 5,257 U. S. Government securities: Bonds _ Treasury notes Certificates and bills 318,747 j 23,399 110,707 23,165 26,160 5,731 73,532 ! 5,509 31,177 i 5,404 7,137 i 989 347,753 | 27,248 130,631 i 30,095 35,547 ! 7,361 17,844 4,996 24,901 Total IT. S. Government securities Other securities. 740,032 56,156 14, 603 47,741 800 Total bills and securities. 1,692,261 |1O3,O27 8,607 696 Due from foreign banks. _. Federal reserve notes of other 15,916 227 banks 348,646 40,330 Uncollected items _ 57,821 3,336 Bank premises 39,577 1,082 All other resources Total resources 272,515 7,541 3,532 11,342 97, 625 44, 625 14,874 142,250 14,371 5,263 j 54,219 11,760 15,825 7,685 16,989 1,998 1,831 1,663 1,227 ! 8,900 2,701 8,712 6,151 44, 527 13, 536 9,852 9,192 | 58, 664 68,844 ! 14,081 12,641 j 107, 646 27,997 j 27,675 18,708 27,364 580 411 911 525 I 600 2,400 66,621 205,112 53,364 45,504 21 13 321 1,227 452,104 190,401 204,285 56,706 348 3,065 ! 943 878 64,094 45,881 252 243 205,162 600 554 1,080 329 6,532 17,305 11,404 1,834 3,649 1,785 1,439 1,364 1,065 1,371 15,589 4,433 1,023 5,374,130 371, 111 1,658,118 453,1^3 532,045 201,381 197,074 918,980 181,384 1128,343 181,880 114,837 435,814 3,907 591 1,134 115,135 : 29,554 30,243 14,817 ; 2,626 7,959 15,192 ! 1,403 1,930 991 1,365 589 3,778 : 24,635 8,623 38,072 11,224 7,827 3,461 I 3,605 2,489 ! 5,181 4,002 4,067 1,829 I LIABILITIES Federal reserve notes in actual 2,651,169 1182,439 circulation Deposits: Member bank—reserve 1,848,887 account 35,825 Government 16,583 Foreign bank. 36,023 Other deposits.— 1,937,318 Total deposits. 340,627 Deferred availability items 157,492 Capital paid in 259,421 Surplus 28,103 All other liabilities 577,441 262,330 310,402 104,104 1120,280 567,813 93,953 i 68,730 83,678 111,462 3, 207 1,229 103 791,337 1114.031 139, 517 49, 767 46,594 !247,022 55,965 40,578 66,509 1,171 1,400 4, 592 | 3,006 3,046 4,933 2,814 3,990 2,151 566 356 469 5,682 ! 1,666 1,634 647 598 2,167 347 238 630 24,738 j 427 2,890 83 165 1,652 116,001 40,165 11,580 20,039 887 826,349 119,130 109,957 27, 523 60,107 1G, 368 75,077 26,486 1,326 9,187 147,087 29,973 14,624 27,640 2,319 55,430 24,001 5,310 11,483 1,053 50,171 8,696 4,982 10,449 2,496 40,880 239,119 140,038 3,947 1,116 4,705 254,831 59,312 42,452 68, 616 48,133 149,806 36,615 12, 298 6,376 16,580 j 12,057 16,386 17,712 4,499 2,945 4,149 4,032 11,184 38,411 10,025 6,356 8,124 7,624 17,707 1,484 3,598 1,297 733 2,111 1.612 _|5,374,130 |371, 111 1,658,118 453,163 532,045 201,381 197,074 918,980 181,384 128,343 181,880 114,837 Total liabilities.... 70.0 63.5 60.6 65.8 64.6 : 78.7 61.6 68.4 73.8 58.3 72.0 56.6 Reserve ratio (per cent). FEDERAL RESERVE NOTE STATEMENT | Federal reserve notes: Issued to Federal reserve bank by Federal reserve 112,895 137,212 627,230 97,288 70,113 94,163 i 46,315 278,093 2,911,743 i202,873 j agent. __ Held by Federal reserve 51,572 | 15,763 16,584 8,791 16,932 I 59,417 3,335 1,383 10,485 i 5,435 260,574 20,434 bank 435, 814 51.8 2,651,169 182,439 J 577,441 ;262, 330 310,402 104,104 120,280 |567,813 In actual circulation Collateral held by agent as j security for notes issued to banks: 2,068,907 164,627 473,217 j 157, 700207,470 74,170 86,775 1550,320 Ooia 160,753 : 123, 583132,059 40, 332 51,516 i 90,038 892,153 43,473 Eligible paper 289,562 50,443 68,730 83,678 | 40,880 239,119 75, 770 54, 555 21,525 j 15.761 | 56,080 j 29,460 42,661 ! 17,009 138,763 153,443 93,953 184 FEDERAL RESERVE BULLETIN MARCH, 1932 FEDERAL RESERVE BANKS—RESERVES, DEPOSITS, NOTE CIRCULATION, AND RESERVE PERCENTAGES [Averages of daily figures. Amounts in thousands of dollars] Total cash reserves Federal reserve bank Boston.. N e w York Philadelphia "' ' ' Cleveland. Richmond. Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco Total 1932 1931 ! February January 220,940 I 992,212 233,215 295,111 108,613 107,917 j 660;779 : 105,053 _ _. \ 70,948 j 92,954 ! 52,961 i 214,207 3,154,910 Federal reserve notes in circulation l Total deposits 1931 Reserve percentages 1931 1932 1932 1931 JanuFebruary February January February February January February February ary 214,312 225,142 1,001,464 1,120, 408 240,091 239, 497 307,031 318, 048 ' 110,049 116,412 107, 902 161, 581 636, 340 407, 395 97, 850 119,607 70,904 73,836 96, 901 104, 897 55, 279 58,144 ' 235, 766 310, 048 126, 944 848,019 126,282 151, 661 57,364 51, 964 267, 918 62, 090 43, 987 71,544 52, 245 154, 379 134,464 145, 682 918, 487 1, 024, 573 132,103 143,442 159,189 197, 346 58,629 64,407 53.878 61, 074 283, 674 338, 320 65,162 72, 262 46, 490 49,114 74.879 84,432 52,915 59,141 150,278 186, 663 February 27, 225 168,102 71.1 69.6 59.7 63.6 66.7 62.5 78.8 67.6 63.0 60.1 56.3 54.0 66.1 66.9 60.4 64.0 65.2 61.4 76.9 62.6 64.3 61.7 59.1 61.2 82.9 86.4 84.3 84.1 78.3 84.1 83.9 78.8 72.6 69.5 64.0 87.4 3,179,686 3,249,218 2,014,397 2,130,148 2,426,456 2,663,844 2,652,235 1,471,516 67.4 66.5 83.4 183,859 576, 725 264,657 312,482 105,595 120, 671 570, 770 93,216 83,130 41,800 242, 246 578,123 265,165 320, 463 110, 238 121,959 544, 353 91,047 68, 354 82, 233 45, 417 234, 885 126, 002 271, 733 140, 725 180, 720 84,298 130,965 147,321 79,470 48, 562 1 Includes "Federal reserve notes of other Federal reserve banks" as follows: Latest month, $14,184,000; month ago, $18,788,000; year ago, $17,010,000. r Revised. DISCOUNTS—DISTRICT DATA, BY WEEKS DISCOUNTS—DISTRICT DATA, BY MONTHS [In thousands of dollars] [Averages of daily figures. In millions of dollars] 1932 1931 1932 Federal reserve bank Federal reserve bank Feb. 3 Boston New York PhiladelphiaCleveland Richmond Atlanta Chicago St. Louis Minneapolis.. Kansas City.. Dallas San Francisco. Total... February Feb. 10 Feb. 17 Feb. 24 41,313 39,275 39,064 190,415 170,550 177,820 117,925 115,657 122,392 116,791 118,780 121,087 37,730 35,201 36,258 49,560 48,876 87,492 78,535 75,905 23,754 21,424 22,610 14,571 14,089 13,750 37,650 36,904 38,370 14,616 14,399 14,033 124,035 125,722 134,932 39,599 168,980 122,808 121,217 34,631 47,905 71,549 21,603 14,636 39,361 15,148 137,806 855,168 819,435 I 845, 781 835,243 Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis . . Minneapolis Kansas City Dallas . San Francisco Total .. January February 39.9 179.0 121.9 121.7 36.4 48.9 79.9 22.0 14.3 38.6 14.6 130.5 47.0 188.4 119.2 123.8 43.1 49.7 84.6 24.5 11.5 33.2 15.3 87.6 10.7 47.8 24.2 23.1 18.3 21.6 20.5 9.4 4 0 13.6 847.6 828.0 215.8 6.2 16.3 185 FEDERAL RESERVE BULLETIN MARCH, 1932 ALL MEMBER BANKS—DEPOSITS, RESERVES, ETC., BY DISTRICTS [Averages of daily figures for 3 months ending Jan. 31,1932. In millions of dollars] Federal reserve district Novem- December ber Boston New York Philadelphia Cleveland Richmond—. _ A tlanta Chicago St Louis Minneapolis Kansas City Dallas San Francisco 2,160 9,459 2,137 2,565 965 795 3,822 965 789 1,012 688 2,861 Total T Reserves held Deposits> subject to reserve (net demand and time deposits; see following page) 28,218 r January Total Novem- December ber 2,036 9,181 2,079 2,510 938 789 3,689 949 111 998 677 2,815 1,965 8,851 2,046 2,457 902 783 3,556 917 759 972 665 2,718 135.8 915. 7 128.2 150.3 55.6 49.4 289.0 64.6 45.9 74.1 50.2 159.5 ' 27,438 26,592 2,118.1 r Indebtedness at Federal reserve banks Excess January Novem- December ber January Novem- December ber January 135.8 902.4 124.4 147.0 53.7 48.6 283.8 63.1 45.1 73.5 49.0 149.8 126.2 856.8 121.9 145.4 52.2 48.8 269.0 60.0 42.9 71.0 48.9 136.1 4.1 17.3 2.6 1.8 .8 1.6 9.8 5.1 2.5 6.0 3.2 2.2 11.6 24.5 1.3 1.1 .4 1.2 14.6 3.7 2.8 6.2 2.9 -4.0 5.5 10.6 1.5 2.2 .9 2.1 9.8 3.0 2.3 5.4 3.5 -11.4 26 0 120.2 108.3 98.9 40.5 46.7 69.8 25.8 6.4 32.1 22.9 86.4 47.5 167.4 117.5 110.6 39.5 47.4 86.5 26.8 6.1 28.0 17.6 68.5 47 0 188.2 119.2 123.8 43.1 45.6 84.5 24.5 9.5 30.6 15.3 85.3 2,076. 2 1,979.1 57.0 66.3 35.4 684.0 763.3 816.6 Revised. NET DEMAND AND TIME DEPOSITS OF ALL MEMBER BANKS, BY DISTRICTS [Averages of daily figures. In millions of dollars] Larger centers (places over 15,000) Total (all member banks) Net demand Federal reserve district Net demand Time Time Smaller centers (places under 15,000) Net demand Time January DecemJanuary DecemJanuary DecemJanuary DecemJanuary DecemJanuary December ber ber ber ber ber Boston New York Philadelphia Cleveland Richmond Atlanta Chicago -- - - St Louis MinneaDolis Kansas City Dallas . San Francisco Total T Revised. _ 1,106 6,405 1 023 1,146 437 412 1,942 499 334 628 468 1,047 15, 447 r 1,137 6,642 1,054 1,161 456 418 2,013 525 356 645 475 1,103 860 2,447 1, 023 1,311 465 370 1,615 418 425 344 197 1,671 ••898 2,539 1,026 1,349 482 371 1,676 424 420 353 202 1,712 1,018 6,179 866 998 350 343 1,773 405 213 429 316 929 r 15, 985 11,145 r 11, 453 13,818 r 1,045 6,403 889 1,012 361 351 1,837 428 231 441 322 973 712 1,937 611 1,038 295 298 1,338 316 211 219 164 1,549 ••747 2,010 611 1,072 306 301 1,389 317 202 224 170 1,587 88 226 157 148 87 70 169 94 121 198 152 118 93 239 165 148 95 67 176 97 125 204 153 129 147 510 412 273 170 72 277 102 215 125 33 122 151 529 414 277 176 71 288 107 218 128 32 125 ' 14, 292 8,687 «• 8,936 1,628 1,693 2,458 2,517 186 FEDERAL RESERVE BULLETIN MARCH, 1932 WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS [In millions of dollars] Federal Reserve District Total Loans and investments: Feb. 3 Feb. 10 Feb. 17 Feb. 24._ Loans: Feb. 3 Feb. 10 Feb. 17.. —Feb. 24 On securities— Feb. 3_._ Feb. 10 Feb. 17 Feb. 24 All other— Feb. 3___ _ Feb. 10 _ Feb. 17 Feb. 24 Investments: Feb. 3 _-. Feb. 10 Feb. 17 Feb. 24 United States Government securities-^ Feb. 3 Feb. 10 Feb. 17 Feb. 24 _ All other— Feb. 3. Feb. 10 Feb. 17 Feb. 24 _. Reserves with Federal reserve bank: Feb. 3 Feb. 10.... Feb. 17 _ Feb. 24_. Cash in vault: Feb. 3 Feb. 10 Feb. 17 Feb. 24 Net demand deposits: Feb. 3 Feb. 10 Feb. 17 Feb. 24_— Time deposits: Feb. 3 Feb. 10 Feb. 17__ Feb. 24 Government deposits: Feb. 3 Feb. 10_ Feb. 17 Feb. 24 Due from banks: Feb. 3 _ Feb. 10 Feb. 17_ Feb. 24 Due to banks: Feb. 3 Feb. 10 Feb. 17 Feb. 24 Borrowings from Federal reserve bank: Feb. 3 Feb. 10 Feb. 17 Feb. 24 „_ r Revised. New Philadel- Cleve- Rich- At- ChiBoston York phia land m o n d lanta cago City San New St. Min- Kansas Dallas Fran- York Louis neapolis City cisco Chicago 19,979 19,785 19,731 19,606 1,324 1,314 1,317 1,312 7,898 7,757 7,726 7,650 1,184 1,177 1,171 1,168 2,000 1,996 1,990 1,986 602 603 602 599 531 2,689 529 | 2,674 526 2,672 524 2,650 580 579 575 574 351 347 347 345 578 575 573 572 422 422 419 419 1,820 ., 812 1,813 .,807 6,794 6,638 6,603 6,544 12,830 12, 716 12,691 12,609 886 877 876 874 5,057 4,996 4,996 4,948 715 712 708 706 1,261 1,256 1,251 1,247 369 369 368 365 373 371 364 364 220 217 217 216 314 311 308 307 275 275 273 273 ,077 1,079 1,076 4,359 1,048 4,292 ; 1,036 4, 289 1,035 4,250 1,019 5,574 5,504 5,474 5,438 334 335 329 329 2,477 2,429 2,420 2,393 365 362 359 359 565 561 560 558 148 148 149 147 351 1,921 349 1,906 348 ! 1,903 3481 I| 1,885 109 I 906 108 : 894 107 107 i 880 147 148 141 143 59 59 58 58 90 90 88 81 82 80 80 7,256 7,212 7,217 7,171 552 542 547 545 2,580 2,567 2,576 2,555 350 350 349 347 695 ! 221 691 I 219 689 2 218 8 242 241 241 241 i 1,015 226 ! 1,012 223 I 1,017 223 221 1,005 161 158 159 158 224 221 220 219 7,149 7,069 7,040 6,997 438 437 441 438 2,841 2,761 2,730 2,702 465 463 462 739 740 739 739 233 234 234 234 180 180 178 176 131 130 130 129 264 264 265 265 3,925 3,853 3,840 3,806 221 223 228 225 1,748 1,674 1,652 1,624 189 185 185 184 386 387 3,224 3,216 3,200 3,191 217 214 213 213 1,093 1,087 1,078 1,078 280 280 278 278 354 355 353 352 119 120 120 120 1,460 1,442 1,431 1,416 81 80 82 80 703 698 687 673 70 70 108 105 ! 106 104 220 235 218 228 11,166 11,090 11,067 11,001 18 19 17 16 56 64 54 57 12 14 12 13 747 731 740 729 5,284 5,221 5,219 5,167 635 634 633 634 850 845 836 835 ! 423 422 421 422 1,216 1,215 1,199 1,197 270 266 263 263 841 I! 453 390 349 295 31 30 29 28 259 228 209 181 32 27 25 21 28 i 24 I 20 17 '918 898 887 874 58 60 51 50 138 130 136 133 62 58 59 59 63 60 63 61 '2,357 2,305 2,301 2,262 124 119 118 113 874 870 859 144 136 139 137 r 5, 751 5,724 5,700 5,685 492 472 493 478 26 28 27 28 293 2,178 | 288 I 2,124! j 297 2,112 296 2,092 ! 604 595 588 582 194 193 193 193 795 789 782 780 I 2,181 ; 2,168 j I 2,177 ! 2,158 : 444 441 447 437 147 147 146 146 732 735 — 734 731 I 2,435 2,346 ; 2,314 2,294 : 464 463 464 462 1,593 , 1, 520 i 1,496 ! 1,477 250 250 251 252 768 768 769 765 207 208 211 210 415 416 417 415 87 88 92 91 134 133 134 139 397 400 401 398 353 352 352 350 120 120 119 119 130 131 131 126 335 335 333 35 34 34 34 210 206 202 206 37 38 21 22 21 21 14 14 14 14 37 37 37 7 7 7 7 5 5 5 5 385 ! 114 385 ! 114 114 114 87 292 294 292 292 235 237 238 241 1,433 1,430 1,426 1,431 307 310 303 307 174 173 173 171 362 365 362 245 244 245 243 223 224 836 843 ; 224 841 ! 223 197 197 196 195 1,011 1,004 212 210 209 208 153 153 153 153 182 182 182 182 ••130 131 ! 131 i 131 ! 14 11 18 14 12 9 2 2 1 1 15 j 13 I 10 ! 4 3 2 2 53 53 50 49 158 154 149 142 47 54 46 45 184 i 182 : 179 177 i 77 76 75 75 338 326 333 323 90 85 94 96 99 !! 99 26 27 27 26 52 46 43 38 ! 2 2 i 2 . 2 j | 37 38 36 37 59 58 56 54 80 77 83 81 134 133 134 133 1,512 1,499 1,499 1,481 19! '67 68 ! 67 ; 65 842 214 213 818 i 213 817 ! 210 87 654 646 633 623 145 144 140 142 19 19 19 21 43 50 41 44 17 17 17 18 601 4,809 i 609 4,744; 597 4,735 ; 589 977 979 971 972 893 884 880 881 758 757 743 742 397 390 392 384 27 | 249 219 201 11 ! 175 11 9 7 4 97 91 95 99 105 99 103 100 93 89 85 80 145 150 143 141 819 815 804 234 234 226 21 I 17 j 106 35 109 ! 15 115 20 120 20 187 FEDERAL RESERVE BULLETIN MARCH, 1932 RATES CHARGED CUSTOMERS IN PRINCIPAL CITIES Prime commercial paper Federal reserve banks and branch city 1932 Loans secured by prime stock-exchange collateral 1931 1932 Loans secured by warehouse receipts 1932 1931 Interbank loans 1932 1931 1931 February January February February January February February January February February January February Boston N e w York Buffalo Philadelphia Cleveland Cincinnati. Pittsburgh Richmond Baltimore _._ Charlotte Atlanta Birmingham Jacksonville Nashville N e w Orleans Chicago Detroit.. St. Louis Little Rock Louisville Minneapolis Helena K a n s a s City Denver Oklahoma City Omaha _ Dallas E l Paso Houston San Antonio San Francisco Los Angeles. Portland Salt Lake C i t y Seattle Spokane r 4 -5 4 -5 5 -6 4 -5 4 -5 5 -6 5 4-6 534-6 6 5 -53 5 -6 5 4-6 5 -6 -6 5 -6 5 -8 6 534-6 4M-5L 5 -534 5 -6 6 -634 6 4 -4M 6 -8 4 -6 6 5 -6 5 -6 7 -8 534-6 6 -6)^ 4K-534 6 2-634 5 2 -5> 5 -6 5 -8 6 5 -6 4 6 5 4 5 5 6 6 -434 -8 -6 -6 6 -6 -6 -8 6 -634 41^-534 514-6 5 -7 6 5 -6 5 -534 4^-534 53^-6 5 -6 4 -6 5 -5> 5 -6 5 -5 5 -6 6 5 -6 43/2-5^2 5 -6 5 -6 53^-6 5M-6 6 6 5 -6 5 -7 6 -634 5 -7 6 -8 434-6 3K4 6 6 -4 5 4 -7 7 -8 5 -7 6 -6) 6 6 -8 6 5 -6 5M 6 -634 6 5 -6 6 -8 5 7 5 6 5 5 6 -7 -8 -7 -7 -6 -7 -63 6 634-7 -7 6 -8 6 5 -6 5 -6 6 -6} 6 6 -8 534-6 534-7 6 -7 7 -8 5 -7 6 -7 5 -6 6 -6] 6 -634 6 634-7 634-7 5 -6 5 -6 5 -5> 5 -6 434-6 5 -8 6 -7 6 -8 5 -7 4 -5 5 2 -6 6 6 5 -5} 8 534-7 6 -7 7 -8 634-7 5 -6 5 -7 6 -63 6 -7 5 -6 436 5 -536 6 -7 5 -6 5 -534 6 5 -6 6 6 -7 6 6 5 -6 3 -6 4 -43, 6 -8 6 -8 6 6 5 -6 6 -7 4 -43 6 -8 5 -6 6 -8 6 -6K 6 -7 6 5H-7 6 434-6 6 -7 6 4 -5 6 -8 5 -6 53^-6 6 -8 6 -8 6 -6J 6 -6> 8 534-6 6 -8 6 -6H 6 -6K 6 ^ 6 -6H 634-7 634-7 634-7 434-6 434-5 534-6 4 -5 5 -6 5 -6 6 ! 5 -534 5 -6 6 5 -534] 534 6 534-6 5 -534 5 -6 5 -534 6 -6341 6 6 6 -8 6 5 -6 6 -634 6 3 6 -8 5 -6 6 -8 6 -8 ! 6 ! 6 8 5 -6 6 -8 534-6 634-7 6 -7 4^-534 4 3 4 -•'•" 5344 -534 5 -6 6 5 -6 6 6 6 5 514-6 434-5341 I ! 4 -4H 4 -434 5 4 -434 4 -6 5 -6 5 -6 5 5 -6 6 5 -534 5 -6 534-6 ! 4^-534; 5 -6 ; 5 -6 ; 5 -6 5 534-6 4 -6 I 5 ^-6 6 -8 6 -8 5H-6 6 5 -5; 5 -6 4^-534 6 5 534-6 6 5 -534 534-6 5 -534 6 5 -534 6 6 6 634-7 Revised. NOTE.—Rates at which the bulk of the loans of each class were made by representative banks during the week ending 15th of month. from about 200 banks with loans exceeding $8,000,000,000; reporting banks are usually the largest banks in their respective cities. Rates 188 FEDERAL RESERVE BULLETIN SHIPMENTS AND RECEIPTS OF AMERICAN CURRENCY TO AND FROM EUROPE MATURITY DISTRIBUTION OF BILLS, ETC. [In thousands of dollars] BY SELECTED BANES IN NEW YORK CITY 1 [Paper currency only. In thousands of dollars] Month January February March April May. June July August September October November December Shipments to Europe Receipts from Europe 470 130 1,380 915 2,570 8,811 10,256 3,226 8,433 3,088 52 1,523 4,051 960 863 1,469 2,103 779 394 3,723 3,290 11, 588 7,039 3,749 Total 1932 1931 Net Reship- Shipments ments ceipts (-)or from to receipts Europe Europe Net shipments (-)or receipts +3,581 +830 +3,310 +5,221 25 0 3,335 5,221 (+) -517 +554 -467 -8,032 -9,862 +497 -5,143 + 8 , 500 +6,987 + 2 , 226 i For explanation and back figures see BULLETIN for January, 1932, pp. 7-9. MEMBERSHIP IN PAR-COLLECTION SYSTEM Bills discounted: Feb. 3 Feb. 10 F e b . 17 Feb. 24 Bills bought in open market: Feb. 3 Feb. 10 Feb. 17 Feb. 24 Certificates and bills: Feb. 3 Feb. 10 Feb. 17 Feb. 24 _ Municipal warrants: Feb.3 Feb. 10 Feb. 17 Feb. 24 [Number of banks at end of January] United States.~ Boston _ _ New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis _ Kansas City Dallas San Francisco Member banks On par list 855,168 666,432 819,435 628,139 845,781655,759 835,243 651,541, 48,143 48,995 49.542 46,619 74,142 74,971 73.587 72,387 46,819 47,503 46,620 45,350 16, 611 16, 583 16,181 15. 258 156,100 169,391| 146,382, 133,382 49,823; 60,296; 56,296: 50,110| 37, 230 34,527 22,255 26,554 45,675 22,918 39,416j 34,717 32,782' 34,992 21,129! 35,564 454 435 57 25 365,768 351, 794 345,860 347,818 52,836 37,591 41,818! 22,338 38,818 66,345| 3,500 26,338 66,338; 4,800 61,295 7,050: 20,025 61,295 7,050. 38,136 84,198 84, 472 83,316 84,690 3,652| 3,771 3,830 4,081 3,168! 3,375i 3,438j 3,702 Over 6 months 3,021 3,244 4,092 4,088 120,071 132,255 132,356 134,309 376 208i | 130!-. i 107 167 241 229 [Balance to credit of depositors. In millions of dollars] Not on par list 1932 1931 1932 1931 1932 7,138 371 836 710 648 396 342 875 450 574 815 609 512 8,006 396 911 752 761 469 383 1,074 505 636 868 672 579 8,927 226 335 341 780 437 146 2,506 1,198 382 1,597 460 519 10, 797 260 394 448 932 512 177 3,151 1,389 485 1,883 556 610 3,147 6 365 786 243 389 871 215 219 53 End of month 1931 3,413 8 441 847 239 408 1,003 195 211 61 Figures cover all incorporated banks (other than mutual savings banks). Within 15 16 to 30 31 to 60 61 to 90 days days days months days UNITED STATES POSTAL SAVINGS Nonmember banks Federal reserve district MARCH, 1932 January.._ February.. March April May June July August September October November. December. v Preliminary. 1927 1928 1929 1930 1931 141.5 143.8 146.4 147.1 147.4 147.4 147.1 147.9 148.2 148.7 149.0 148.5 148.9 I 151.1 152.0 152.2 152.0 152.1 151.7 152.2 152.3 153.1 153.9 153.9 153.5 154.8 155.0 154.3 153.8 153.6 157.8 160.1 160.3 161.6 163.7 164.3 165.1 167.9 169.5 170.2 171.2 175.3 180.7 186.5 189.8 192.5 200.7 245.4 278.4 292.1 302.7 313.8 325.0 347.4 372.5 422.7 468.9 *527.1 *555.6 * 595. 6 1932 »658.1 FEDERAL RESERVE MARCH, 1932 189 BULLETIN BANK SUSPENSIONS, BY DISTRICTS [Banks closed to public on account of financial difficulties by order of supervisory authorities or directors of the bank. Figures of suspensions during given period include any banks which may have been subsequently reopened. Figures for banks reopened during given period include reopenings both of banks closed during that period and of banks closed in prior periods. Deposits are as of date of suspension where available, otherwise as of the latest available call date preceding suspension] [Figures for latest month are preliminary] Banks reopened Banks suspended Deposits (in thousands of dollars) Number Members All !banks January-February, 1932: Boston New York... Philadelphia Cleveland _ Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas... San Francisco Total 4 7 14 24 34 25 139 67 18 57 16 52 457 Members National State 4 5 1 9 8 27 10 4 10 2 6 3 98 1 ! 5 I 18 Nonmembers 4 2 9 15 25 15 106 54 14 47 13 37 341 All banks j 32,122 11,242 19,659 10,798 40,958 10,376 82,392 28,025 4,329 12,895 2,713 30,012 National Nonmembers State 8,249 2,589 4,689 12, 326 4,391 31, 240 4,782 1,530 3,523 191 7,274 1,227 10,842 4,044 285,521 \ 80,784 20,935 Mem- NonAll banks bers 1 members 32,122 2,196 17, 070 6,109 28,632 4,758 40,310 19,199 2,799 9,372 2,435 18,800 797 87 3,938 183,802 Mem-1 bers 3,900 51 115 24 86 5,392 1,636 1,540 2,333 2,472 2,880 20,336 1,977 1,301 3,829 861 15,490 1,636 330 1,636 1,091 749 7,862 467 44 Non- , members 3,900 2,776 4,884 546 2,129 2,156 2,028 746 3,622 3,066 2,199 4,090 546 1,572 1,996 2,028 746 556 22,787 5,154 17, 633 2,569 4,564 577 567 1,992 3,997 1,671 1,165 1,300 370 196 557 160 1,114 1,005 1,300 370 11,835 1,861 9,974 577 794 557 160 5,906 542 680 46 2,601 2,724 1,301 3,149 815 10,165 60, 047 17,098 9,172 33, 777 5,392 1,210 697 1,381 2,131 6,568 968 32 * Represents national banks only; no State member banks were reopened in January or February. All banks ! February, 1932: Boston _ New York Philadelphia Cleveland Richmond Atlanta. Chicago St. Louis.. Minneapolis Kansas City Dallas San Francisco Total Deposits (in thousands of dollars) Number 28 190 FEDERAL RESERVE BULLETIN MARCH, 1932 BANK SUSPENSIONS, BY STATES, DURING FEBRUARY, 1932 [Banks closed to public on account of financial difficulties by order of supervisory authorities or directors of the bank. Figures of suspensions during given period include any banks which may have been subsequently reopened. Figures for banks reopened during given period include reopenings both of banks closed during that period and of banks closed in prior periods. Deposits are as of date of suspension where available, otherwise as of the latest available call date preceding suspension] [Figures are preliminary] Banks suspended Number Banks reopened Deposits (in thousands of dollars) Deposits (in thousands of dollars) Number State Members Members New England: Maine New Hampshire Vermont Massachusetts Rhode Island, Connecticut. Middle Atlantic: New York New Jersey Pennsylvania East North Central: Ohio Indiana Illinois Michigan Wisconsin West North Central: Minnesota - - Iowa Missouri North Dakota ._ South Dakota Nebraska - - -Kansas South Atlantic: Delaware Maryland - District of Columbia Virginia West Virginia North Carolina South Carolina Georgia Florida East South Central: Kentucky Tennessee Total 1 NonmemNa- State bers tional 1 1 5,392 1,636 1,636 2 3,176 1,966 1 7 10 1 498 2,129 8,003 382 637 912 4,495 4 10 8 1,226 9,219 2,330 75 798 1,534 265 75 798 1,269 1 1 6 4 National State Nonmembers Mem- NonAll All banks bers i members banks bers 1 9 13 1 1 2 2 5,392 4 12 10 1 1 1 1 1 1 I 1,210 615 498 1,217 2,893 382 637 1,818 467 5,291 542 1,226 2,110 1,321 3 7 1 1 3 6 3 1 2 1,854 839 1,015 2 1 2 1 1 1 2 327 104 291 252 75 104 291 1 1 69 625 69 2 3 3 1 1 3 3 2,569 456 258 577 1,992 456 258 4 1 3 2,033 557 1,476 1 2 1 2 54 261 ; 1 1 245 i 3 1 484 ! fifi7 1 1 567 ll 2,452 61 2 425 ! lfio i FU 261 245 || 2 1 3 1 " 1 1 1 4 2 6 1 3 2 5 1 1 3 2 3 2 4 5 2 2 115 24 2,146 99 861 1 105 1 789 317 40 680 46 1,466 99 815 415 374 si 3 1 2 i i; ; 1 1 4R4 2,452 fil 8,012 1,124 1 1 1 4 3,350 1,530 1,369 1,232 5 86 60,047 17,098 294 294 3 2*5 355 1 2 125 IQfi 300 624 9,172 33,777 • ! 125 196 ! i :! ; i; 8,012 1,124 1,818 906 265 1 105 3 2 2 1 625 317 40 1 _ Mem- Nonmembers i i .Represents national banks onJy» All banks i 2 1 Alabama Mississippi West South Central: Arkansas Louisiana Oklahoma T«*xas Mountain: Montana Idaho Wvoming Colorado New Mexico Arizona Utah.._ Nevada Pacific: Washington Oregon California All banks ! !; 1. 369 32 4 28 ! 11,835 1 861 9 974 191 FEDERAL RESERVE BULLETIN MARCH, 1932 BANK SUSPENSIONS, BY STATES, JANUARY 1 TO FEBRUARY 29, 1932 Banks closed to public on account of financial difficulties by order of supervisory authorities or directors of the bank. Figures of suspensions during given period include any banks which may have subsequently reopened. Figures for banks reopened during given period include reopenings both of banks closed during that period and of banks closed in prior periods. Deposits are as of date of suspension where available, otherwise as of the latest available call date preceding suspension] [Figures for latest month are preliminary] Banks suspended Banks reopened Deposits (in thousands of dollars) Number Deposits (in thousands of dollars) Number State Members Members New England: Maine New Hampshire All banks NonmemNa- State bers tional 1 1 5,392 5,392 3 3 26 730 26,730 1 2 9,349 4,115 20,835 8,249 426 4,277 657 7,709 18,163 1,132 637 State National _- Massachusetts Rhode Island Connecticut Middle Atlantic: New York New Jersey Pennsylvania East North Central: Ohio Indiana Illinois Michigan Wisconsin West North Central: - - 5 5 4 2 17 8 9 10 34 80 1 6 17 9 28 57 4 4,055. 25, 521 42, 363 3,802 637 10 5 1 South Atlantic: Delaware IV^arvland District of Columbia Virginia West Virginia North Carolina South Carolina Georgia Florida East South Central: Kentucky - Tennessee Alabama - _. Utah Nevada Pacific: Washington Oregon California Total -- - 6 1 1 1,100 2,892 16,558 1 797 5,816 3,398 17,812 18,384 2,670 3 4 5 1 5 1 1 400 400 1 3 1 3 54 339 54 339 4 4 2 534 2,536 14,102 3,503 134 129 2,474 3,588 621 621 3 1 484 1 1 1 1 591 2,452 288 69 227 2 425 160 1 1 10 24 5 10 19 1 3 1 1 2 1,854 1 792 839 1,015 3 5 1 4 611 | 252 359 1 5 4 1 203 12, 770 ! 25,624 1 1,487 i 1,057 ! 9,967 1,268 162 432 2 1 2 1 10, 238 ! 1,281 i 3,748 3,074 1,028 2,089 3 1 2 18 7 6 2 5 4 1 1 1 2 13 5 2 2 1 6 1 1 3 1 7 6 g 16 1 1 1 2 2 3 2 7 3 5 13 3 12 6 15 4 457 98 31 22 2 2 792 23 48 L Represents national banks only. 1 1 1 16 3 4 5 2,958 2,211 2,713 85 680 398 191 306 358 306 3 4 1,106 548 1 1 3,900 2 4 5 1 4 2,776 546 1,249 368 2 283 3,900 577 557 2 199 546 1 249 368 1 726 I 484 567 24 2,452 61 69 625 3,237 3,927 253 696 963 607 2 2 840 810 611 3 3 355 355 1 5 2 1 3 125 3,622 51 7 44 22,787 531 87 1,747 1,813 2,435 265 i 3,066 125 556 358 558 | 11 3 11,132 1,378 1 2 7 4 9 7,694 1,881 7,569 3,873 341 285, 521 80,784 18 203 2,803 24,356 1,325 607 2 6 5,291 542 5,084 2,439 92 6 4 8 13 696 NonMem- members i bers i 2,536 24,477 6,484 226 129 2,474 6 122 i 37 27 3 2 Iowa Missouri North Dakota South Dakota Nebraska Mem- NonNonAll All members banks bers i members banks i 10 West South Central: Arkansas Louisiana Oklahoma Texas Mountain: Montana Idaho Wyoming _Colorado New Mexico All banks 3,401 863 10, 269 1,378 1,818 1,257 2,003 624 4,168 20,935 183,802 5,154 17,633 ALL MEMBER BANKS- CONDITION ON CALL DATES MARCH 27, 1929, TO DECEMBER 31, 1931 CD [Amounts in thousands of dollars] 1929 Mar. 27 June 29 24,944,641 4,453, 953 5,994, 432 35,393,026 25,658,491 4,154,929 5, 897,541 35,710,961 802,188 1,169,752 179,878 433,491 2,359,077 to 1930 Oct. 4 Dec. 31 Mar. 27 June 30 1931 Sept. 24 Dec. 31 Mar. 25 June 30 Sept. 29 Dec. 31 RESOURCES Loans (including overdrafts) . United States Government securities Other securities Total loans and investments Customers' liability on account of acceptances Banking house, furniture, and fixtures Other real estate owned Cash in vault ... Reserve with Federal reserve banks Items with Federal reserve banks in process of collection. Due from banks in United States _ Due from banks in foreign countries (including own branches) Exchanges for clearing house and other checks on local banks Outside checks and other cash items ... Redemption fund and due from United States Treasurer. Acceptances of other banks and bills of exchange or drafts sold with indorsement Securities borrowed _.. Other assets _ Total. 1,118,418 184,873 516, 742 2,338,569 841,606 1,741,478 287, 248 775, 822 923,363 1,885,167 2,004,938 272,682 2, 486,203 1,446,186 142,395 117,298 32, 761 26,164,829 26,150,061 4,021,636 3,862,968 5, 727, 306 5,920,921 35,913,771 35,933,950 988,912 1, 252,147 1,175, 393 1,190, 306 183,989 182, 796 558,450 497,212 2,321,806 2,373,760 32,715 246, 996 25,118, 783 25,213,770 4,085, 006 4,061,395 5,851,908 6, 380,494 35,055,697 35,655,659 1, 111, 153 928,807 1, 202, 486 1,217,963 190,995 188,815 484,262 496,633 2,352,738 2,407,960 23,870, 488 22, 839,946 21, 816,243 20, 874,084 19,260,685 44,124, 776 5,002, 262 5, 343, 032 5, 564, 461 5,318.654 6.864, 247 6,886, 357 6, 763, 247 6,634,689 5,995, 786 34,859,511 34,728,565 33,922,522 33,073,234 30,575,125 662,415 1,117,833 1.035, 978 888,454 718. 500 1, 240, 444 1, 239,935 1,234,404 1, 220,317 1,174; 957 191,169 209, 518 199, 935 206, 569 211,755 592, 504 554,150 461, 267 519,135 522, 551 2, 474, 509 2, 364, 478 2,396,421 2, 339,230 1,975,169 994, 373 836, 471 698, 871 719, 201 757, 216 524, 765 629, 418 531, 691 2,167,756 1,901,517 2,360, 377 2, 462, 827 2,455, 948 2, 791,204 2, 517, 096 1.935,119 263, 834 247, 612 2,132, 331 2, 762,463 1,616,954 139, 056 65,331 102, 363 32, 828 24,738,011 4,095,270 6, 638.969 35,472,250 912,852 1,230,754 197, 869 470, 367 2,414,991 32,889 32, 823 220, 793 202,447 260, 818 2, 645,057 1,146, 915 2, 076,189 118,552 92, 766 51, 706 32,658 32,604 32, 318 296, 376 598, 285 1, 662, 226 351, 320 215, 692 174,183 975, 215 1, 771, 312 43,344 87, 358 959. 218 50, 696 1, 388,409 108,128 31, 524 31, 372 32, 264 32, 001 592, 732 557, 748 662,686 735,193 612,193 452, 045 524,104 329, 756 453, 826 551, 587 310, 502 23,866 26,324 35, 533 21,069 36.337 25, 744 24, 822 20, 279 32,592 17,150 13,473 242,062 223,114 232,621 219, 379 222, 911 231, 482 198, 700 300, 024 260, 254 249,067 223. 687 46,673,097 45,908,001 47, 305, 588 48, 843, 078 45, 860, 379 47,906, 740 46,153,113 47,057,891 45,542, 276 45, 288, 588 42, 378, 777 39,688,322 475,155 48,844 229, 751 LIABILITIES 2,563,278 Capital stock paid in 2,548,155 Surplus _ 918,145 Undivided profits—net 144,242 Reserves for dividends, contingencies, etc Reserves for interest, taxes and other expenses accrued 157,144 and unpaid ... _. 51, 433 Due to Federal reserve banks 3,070, 084 Due to other banks in United States Due to banks in foreign countries (including own 462,649 branches) _ 1,739,947 Certified and officers' checks outstanding.. 27, 385 Cash letters of credit and travelers' checks outstanding. 17,708, 269 Demand deposits _ _ 13,328,712 Time deposits _ ___ 410,867 United States deposits _ _ 36,799,346 Total deposits _ Agreements to repurchase U. S. Government or other 102,423 securities sold Bills payable and rediscounts: 981,434 With Federal reserve banks 171,601 Allother .— Acceptances of other banks and bills of exchange or 475,155 drafts sold with indorsement 846, 370 Acceptances executed for customers Acceptances executed by other banks for account of 45, 025 reporting banks 647,354 National-bank notes outstanding 48, 844 Securities borrowed 224, 581 Other liabilities _ 46,673, 097 Total . 8,755 Number of banks. 2,646,928 2, 739,645 2, 757,113 2, 744,975 2, 721, 997 2, 728, 664 2, 665,151 2, 657,172 2,620,606 2, 650,336 2,811,269 2, 864,612 2,881,944 2, 870, 800 2,903, 258 2,822,091 2,804,906 2,741,351 956,053 950, 072 1, 009,435 882,806 980,928 910, 480 804,199 909. 548 176,610 182, 940 185, 602 143,603 164,430 211,407 264,068 225, 483 177,252 2, 580, 550 2, 695, 285 811,456 271, 408 2, 499, 098 2, 524, 460 605,403 370, 368 137, 660 182, 397 172,193 175,896 i 148,960 121,190 158, 416 127,345 54,458 46,206 47,147 51,915 I 49, 267 55, 720 43, 323 41,073 3,153,077 3, 517,325 3, 204,316 I 3,831,656 3,817,132 3,872, 842 4, 236, 451 4,004,077 162, 507 41,070 3,222, 466 48, 381 2,832, 296 148,825 51,883 3,091,639 464,871 753, 620 43,182 17, 814,603 13,325,066 347,967 35,892,831 660, 612 634, 927 481,696 I 576,664 498,075 ! 571,766 566, 579 657, 285 747, 282 433, 740 1,405,446 I 1,603,562 1,134, 283 ! 1,493,437 771, 941 1, 223, 777 626, 747 999, 310 729, 301 617, 053 41,389 27,613 i 23,460 26, 638 25, 038 i 20, 960 22, 506 33, 231 19, 581 23, 701 17,937,478 18,861,582 17, 078,905 18, 061,977 16,838,351 17, 501,550 16,338,728 16, 622, 224 15, 526,182 14,955,400 13, 317, 649 13, 233, 481 13,518,731 13,811,978 13,944,868 13, 546,201 13, 663, 258 13,515,468 12,776, 332 11,315, 842 143,203 280, 769 324,893 315, 479 257,185 267, 415 502, 204 395,397 411, 845 526,161 6,694,158 38,013,735 35,836,156 38,139,178 36,363,874 37,116,939 35,999,796 36,268,065 33,480,247 30, 746,386 103,758 149,090 136,957 1, 029,391 168,975 899,311 250, 587 646,334 232,188 453, 826 800,423 66, 214 37,164 38,144 158,141 23,599 15, 371 25, 303 81, 583 206,124 | 273,880 161,090 140,467 172, 578 143,402 248, 017 107,151 165,106 116, 336 146,819 70,079 323, 354 142, 357 622,652 216, 476 662, 686 592, 732 524,104 929, 337 1,138, 624 1,063,334 452,045 901,351 329,756 681,145 310,502 732, 253 13,197 628, 334 17,150 216,728 14,169 624,234 13, 473 228, 597 735,193 612,193 I 557,748 551,586 984, 670 1, 276,159 1,125,907 | 925, 576 29,647 40,400 42,075 645,562 640,610 648,944 35,533 32,592 36,337 245, 585 214,946 238,116 45,908,001 47,305,588 48, 843, 078 8,522 8,707 8,616 24,654 ! 34,998 647,481 I 649,098 26,324 25,744 226,915 239,961 18,127 15, 031 15, 553 11.514 639, 640 642, 284 636, 041 23, 866 21, 069 24, 822 20, 279 212,698 236,366 210,885 209,455 46,153.113 47,057,891 45, 542,276 45, 288, 588 8,315 8,246 8,052 7,928 7,782 d E NATIONAL AND STATE MEMBERS—CONDITION ON DECEMBER 31, 1931, BY CLASSES OF BANKS [Amounts in thousands of dollars] All member banks Total RESOURCES Loans (including overdrafts) United States G o v e r n m e n t securities . Other securities Total loans and investments. Customers' liability on account of acceptances B a n k i n g house, furniture, a n d fixtures. Other real estate owned Cash in v a u l t Reserve w i t h Federal reserve banks I t e m s w i t h Federal reserve b a n k s in process of collection D u e from b a n k s in U n i t e d States D u e from banks in foreign countries (including own branches) Exchanges for clearing house and other checks on local banks Outside checks a n d other cash items R e d e m p t i o n fund a n d d u e from United States Treasurer Acceptances of other b a n k s a n d bills of exchange or drafts sold w i t h indorsement Securities borrowed Other assets Total.. Central reserve citybanks Other reserve city banks National banks 1 Country banks Central Other reserve reserve city city banks banks Total State bank members Country Total Central reserve city banks Other reserve city banks Country banks ! '19,200,685 i 5,318,654 ! 5,995,786 30,575,125 ! 718, 500 ; 1,174, 957 j 211,755 j 522,551 j 1, 975,169 ! 598,285 | 1, 662,226 j 174,183 i 1, 388,409 j 108,128 31, 372 310,502 13,473 223,687 607, 737; 5,800,903 6,852,045 417, 740 2,056, 524 1,844, 390 973, 926 1,119, 948 1, 901, 912 8,977,375 10,598,347:10, 999,403 126,116: 7, 228i 585,156 258, 315 425, 948 490, 694 114, 773; 79, 963 17, 019 302,106: 153,520 66, 925 497, 946' 824, 782 652, 441 121,820; 270, 266 200,199 084, 699; 750, 680 226,847 3, 679, 49,330 121,174 77,102: 1, 038,283 273,024 21, 641 70,136 10, 351 21, 516 7,817 2,039 256, 068 200 83, 537 52, 715 5,485 84, 090 11,904,779 2, 478,887 4,, 512, 570^ 3,171,103! 720,853 1, 292,063 4,017, 733| 515, 039 1, 166, 948 19,093,615;; 714,779 6,,971,581 389,386 291,160 93,906 769,995;! 99, 499 285, 388 132,391;| 6,418 39, 605 28, 432 105, 780 377, 570 1,137, 747 297, 327 454, 343 371, 366 94, 875 193,880 1,175, 677 j 53, 711 549,492j 44,131 148, 588; 102,178 670,169; 424,1261 195,469 64, 285 87, 998 5, 639| 7,817 31, 372 2,039, 1, 719; I 7, 7881 56,060 106, 263 9,0031 117,074' 85,05! '~28~707J 19,493 2, 915 48, 742 4,913,322 ; 1,158,187; 2, 335, 746 8,407,255 4,320 385,108 86, 368 243, 358 386, 077 82, 611 572,474 2, 279 50, 574 18,074, 21, 516 1,714 6,058 39, 625 7,355,906 3, 322,016 2, 339,>, 475 1, 694,415 552, 327 259,553 2,147, 551 1,335,671 """ 604, 909 734, 964 638,180 1, 978,053 " 1,766 ,592,148 11,481,510 5,262,596 3,626; 2,908 32, 210 329,114 293, 996 158, 816 140, 560 105, 586 404, 962 28,405 40, 358 79,364 10, 601 58, 748 47, 740 144,981 38,493 837, 422 527, 455 198, 098 111,869 39, 209 226, 919 111,324 76, 386 486, 549 173,136 201,188 112, 225 18, 996 1,400 25, 595 5,199 26,528 718, 240 614,157 77, 555 4,712 3,567 11,851 20,130 204,239 4,470 106, 013 39, 688, 322.12, 674, 270 13, 605, 878 13,408,17424, 618, 214 '5, 233, 946 9, 076, 857 10, 307,411 15, 070,108 __ I 171,012i 200| 54,830 : 33, 222 2,540 35, 348 5 1,730 16,435 , 440, 324 4, 529, 021 3,100, 763 LIARIIITIES Capital stock paid in 2,499,098; 779,039 Surplus. 2,524,460 ! 987,150 200,992 Undivided profits—net ___j 605,403! Reserves for dividends, contingencies, etc 1 370,368 166, 014 35,208 Reserves for interest, taxes, a n d other expenses accrued a n d u n p a i d . 98, 668 D u e to Federal reserve b a n k s _. _ _ ' 48,381 D u e to other b a n k s in U n i t e d States 2,832,296;j 1,262,168 400,899 D u e to b a n k s in foreign countries (including own branches) 433,740j 481,522 Certified a n d officers' checks outstanding _ 729,301 14, 503 Cash letters of credit a n d travelers' checks outstanding 19,581, D e m a n d deposits _ 14,955,400^ 5,880, 231 T i m e deposits 11,315,842 1, 218, 911 United States deposits _ i 411,845! 182, 347 Total deposits... 39,746,386; 9,440,586 10, 7,060 Agreements to repurchase U. S. Government or other securities sold. 81,583, Bills payable and rediscounts: i 41, 692 With Federal reserve banks. 622, 6521 19, 690 Allother _ 216,476, Acceptances of other banks and bills of exchange or drafts sold with 256,063 indorsement . . ! 310,502; 598, 205 Acceptances executed for customers, 732,253J 9,470 Acceptances executed by other banks for account of reporting banks. 14,169 40, 743 National-bank notes outstanding _ 624,2341 200 Securities borrowed. : 13,473; 92,153 Other liabilities i 228,597j 424, 794i 130,571; 32, 393 40 150,120 48, 855 242, 281 81, 676 197, 858 85, 905 9, 299 19, 650i 52, 715| 128,419: 2,839; 154,354 5,485 66, 797i 85,056 106, 263 397,587i I 298,445 5,528 2, 568 624,234! 40, 743 9,003 1 52,302. 19,497 19, 493 95,353 2,293 154,354 2,945 21,369 1,714 3,789 667 429,137 6,058 11,436 204, 239 334, 666 8,641 171,012 299, 760j 6,902 ! 4,470 176,295 200! 72, 656 W t1 81, 785 106, 774| ~" """• 34, 979 5 1,840 1,193 2,540| 45,428 1,730 58, 211 i 39, 688,3221 12, 674,270 13, 605,878J13,408,174| 24, 618, 214 ; 5, 233,946 9,076,857 10,307,411 15,070,108 7,440,324 4, 529,021 j 3,100,763 _ 7,246; » Member banks only; i. e., exclusive of national banks in Alaska and Hawaii. 710,409 881,074 1, 618,024 423,4601 257,081 200,533 355,579 552,036 569, 451 1,144,911 613,5051 342,208 189,198 1,379,549; 373, 645 436, 453 58, 871 47,978 183,422 147,561j 350,993' 254,410 53,431 114,140 56,329 68,748 40, 638 38, 639 92,290 170, 691 199, 677 73, 724 21,368| 12,379 18,970 10, 743 22,991 52, 555i 12, 217 46,113 7,766 1,745 27,947 10,923 35,713 12,668 229,478 1,112,449 65,170 726,842j 320,437 1,719,847.| 535, 326 955,043 23, 493 7,206 1,694 448 207, 725 218,361! 193,174 215,379 39, 622 58,979 313,718 23, 595 352, 366 167,804 125,583 376,935 4,724 1451 84 3,678 10, 830! 120 8,486' 11,095 9,056, 329 2,493,096 3, 297,126 3,266,107 5,899,071 3, 387,135 1,,481,8231, 030,113 825, 793 i;,615,735 1, 279,846 7, 594, 468 393,11812, 839,922 4,361,428 3,721,374 43,755 52,970| 100,160 115, 534 82,187 17,239 259, 449 152, 396 19,245,0191 3,886,356 7,369,191 7,989,472 11,501,367 5,554,230 3,,519,683:2, 427,454 32, 558 18,291 252 6,475 51,101' 30,482 17, ir' 256, 894! 80,131 j Total.. Number of banks 809,117 910,942J 778, 661 758, 649i 173,011 231,400| 125,077 79,277! 33, 747 29,713! 9,511 38, 870i 275,480 294, 648! 30, 699 2,142, 165, 205 82,5741 4,869 204 778,949 4, 296,220! 455,657 5, 641, 274| 168,504 60,994 888,874 10,416,9261 49, 757 24,766; 352 6,843! 6,363!; 22 253 6,093 878 29 99 750 CO 194 FEDERAL RESERVE BULLETIN MARCH, 1032 INDUSTRIAL PRODUCTION—1919-1931 [Index numbers; 1923-1925 average=100] [Revised figures; see note] Without seasonal adjustment Month Adjusted for seasonal variation 191919201921! 1922 1923 1924 ! 1925 1926 1927 1928 1929 1930 19311919 1920 1921 1922 1923 1924 1925! 1926 1927 1928 1929 1930 1931 Industrial production (manufactures and minerals) January February.... March April May June __ July August September.. October November.. December.. 81 78 76 77 80 84 87 89 89 89 87 81 92 93 94 87 92 92 88 89 88 86 78 68 66 65 64 64 67 66 64 67 69 73 72 66 72 76 81 78 82 86 84 83 89 96 99 95 99 99 105 105 106 105 117 102 104 107 108 111 111 121 105 103 107 110 113 112 124 107 96 104 108 110 110 124 108 90 103 107 112 110 126 105 84 100 106 107 108 125 101 81 99 103 102 105 120 100 87 101 109 105 110 122 101 95 102 113 106 116 123 102 98 107 114 105 118 121 99 99 108 110 101 115 108 92 97 103 101 96 109 96 Year.... 83 87 67 85 101 95 104 108 106 111 119 103 109 106 107 105 99 91 90 92 90 84 77 82 87 89 90 89 83 80 78 77 75 72 67 i 95 I67 73 i 95 66 76 I 93 64 80 88 64 77 90 66 81 I 91 65 85 i 89 65 85 89 67 83 68 88 71 93 85 I 76 71 97 86 ! 72 70 100 82 79 76 78 78 83 87 89 99 100 103 106 106 106 104 103 101 99 98 97 100 102 100 95 89 85 84 89 94 95 97 101 105 104 103 102 102 102 103 103 101 104 107 109 106 105 106 107 106 108 108 110 111 111 110 107 107 108 110 108 109 107 106 106 104 102 101 102 107 108 108 108 108 108 109 110 113 115 118 118 119 119 119 121 122 125 124 121 121 118 110 103 106 107 104 104 102 98 93 90 90 88 86 84 83 86 87 88 87 83 82 78 76 73 73 74 96 81 Production of manufactures January February. _. March April May _. June July August September.. October November.. December.. 82 80 78 SO 80 84 S7 90 89 88 91 83 94 96 96 90 93 92 87 88 87 83 74 65 64 64 63 64 66 65 63 66 68 73 72 66 72 75 80 83 87 90 88 86 89 95 99 95 99 99 106 108 105 103 105 109 111 110 107 105 109 112 !114 109 98 106 110 112 108 89 103 | 108 112 104 82 100 106 106 98 78 97 i 102 L02 98 86 99 | 108 104 100 93 103 ! 112 105 100 97 108 I 113 104 98 99 110 ! 108 LOO 92 98 106 i 99 95 Year.... 84 87 67 86 101 106 113 114 113 111 109 105 110 116 117 115 110 117 122 126 128 128 127 120 122 123 119 107 93 106 112 119 94 102 110 109 110 100 98 89 88 90 87 82 74 81 88 90 91 90 82 79 77 76 72 70 66 95 79 ! 89 108 I 109 107 110 106 89 | 89 91 i 89 86 82 73 i 71 68 70 88 105 i 102 82 86 87 87 86 82 82 78 75 71 71 72 95 80 Production of minerals January February... March April May June July August SeptemberOctober November.. December.. Year.... 82 78 80 73 86 95 94 98 94 100 97 87 97 94 97 99 107 112 115 116 106 113 108 93 100 100 93 83 93 96 95 96 103 104 100 95 89 70 74 105 96 77 72 67 65 73 73 70 71 72 78 71 64 73 81 88 48 53 63 61 67 88 98 98 94 101 95 90 89 105 104 107 112 97 98 98 89 90 92 98 96 103 109 110 115 119 124 123 113 112 113 111 96 108 108 103 111 111 112 105 97 100 99 98 95 104 104 104 111 115 123 118 106 114 116 101 103 116 116 118 121 127 127 114 110 99 108 107 106 115 108 104 91 94 102 103 100 101 101 105 96 89 86 84 82 83 84 85 85 82 82 92 84 80 79 70 66 71 74 76 81 78 85 87 63 77 86 84 87 82 85 88 88 91 85 91 94 94 81 77 77 85 72 92 72 53 73 54 71 59 68 57 69 62 67 81 71 90 68 94 69 100 101 103 105 91 115 103 116 110 99 105 100 95 117 102 119 108 103 99 96 106 120 105 109 98 111 93 100 108 106 105 114 104 108 93 104 104 109 106 117 104 108 93 101 107 106 102 114 102 111 93 104 108 101 102 116 100 110 92 107 109 106 105 115 96 97 97 89 110 104 107 118 94 104 96 90 113 103 111 116 95 106 97 95 118 102 114 110 92 99 99 93 119 102 111 116 93 86 91 87 79 77 84 81 85 99 84 NOTE Indexes revised in February, 1932, for period 1923 to date. Revisions made in seasonal indexes for the following 20 series: Steel ingots, cotton consumption, sheep slaughtered, wheat flour, wrapping paper, box-board, mechanical wood pulp, chemical wood pulp, paper boxes, shipbuilding, calf and kip leather, goat and kid leather, cement, plate glass, pneumatic tires, inner tubes, cigars, anthracite coal, iron ore shipments, and silver production. The series on oakflooring,face brick, and paving brick, formerly included in the index for part of the period, have been excluded for the entire period, and beginning in October, 1931, the series on copper mined and smelted have been dropped from the index; necessary adjustments In the base have been made. There were also minor revisions and corrections in the basic data, particularly for output of box-board, lumber, and gasoline in recent years. Tables showing the unadjusted and adjusted indexes as well as the seasonal indexes, by industries, from 1923 to date, may be obtained from the Division of Research and Statistics. For description of these indexes see BuLLETiNsjfor February and March, 1927, 195 FEDERAL RESERVE BULLETIN MAKCH, 1932 INDUSTRIAL PRODUCTION, BY INDUSTRIES (UNADJUSTED INDEXES) [Index numbers of the Federal Reserve Board. 1923-1925 average=100] 1931 1932 Industry Jan. Feb. Mar. Apr. May June July 67 56 68 91 86 63 70 64 40 148 163 117 99 110 127 81 91 142 92 67 105 100 78 119 79 95 114 74 92 119 119 77 62 78 100 92 79 88 77 54 153 169 121 92 96 106 75 78 69 79 98 99 84 100 71 60 119 72 65 72 96 93 85 96 79 63 122 135 96 87 90 84 91 106 150 82 87 113 104 81 1ifi 60 56 60 91 87 84 94 83 55 112 54 48 54 93 85 93 108 90 52 115 121 125 81 112 105 77 122 90 106 118 74 99 164 123 85 67 86 99 94 77 83 75 60 145 159 117 86 84 84 79 100 132 86 90 112 103 80 116 86 105 119 83 92 147 134 42 43 50 52 9 140 75 79 81 73 7 no Aug. Sept. Oct. Nov. Dec. Jan. MANUFACTURES Pig iron Steel ingots . Cotton consumption _ -_ Wool CJ ons umo t ion Machinerv activity Carpet rug loom activity Deliveries Loom activitv Slaughtering meat packing ._ _ Hogs Cattle Calves Sheep Flour - Sugar meltings - - - . — T^APTTR AND PRINTING Wood DUID and oaper _« Newsprint "Book na/Der WraDDing DaDer - - Box board Wood pulp mechanical - -- "Wood nuln chemical Paper boxes NpwsDrint consumDtion - - - - --- - L F A T H E R AND PRODUCTS Sole leather Upper leather— Cattle Calf and kip Goat and kid Boots and shoes - — 44 39 44 95 88 75 88 65 52 144 159 115 92 92 86 93 94 173 99 82 103 91 75 97 81 80 113 72 84 161 127 47 37 48 92 88 67 79 60 41 143 162 105 95 101 108 82 92 163 102 65 100 89 78 98 75 75 105 85 84 142 125 37 32 38 83 80 58 65 58 36 130 139 112 99 113 128 85 93 158 82 72 93 82 75 102 67 73 84 78 77 111 122 - - 48 41 40 36 34 26 25 24 100 12 123 100 89 85 98 13 145 99 87 80 • 74 56 5 100 113 99 87 43 4 82 108 96 84 23 38 70 88 88 83 22 2 118 75 79 81 36 1 90 86 80 82 7 79 96 82 72 71 73 74 79 77 77 58 68 108 72 66 73 128 93 66 67 128 105 72 75 126 107 74 80 117 106 87 96 130 122 88 84 133 117 85 72 115 89 78 56 103 72 75 53 88 70 54 96 52 85 65 128 78 76 96 92 123 74 71 109 111 114 72 71 104 47 73 39 66 61 99 58 64 64 88 67 46 70 107 76 63 62 89 85 56 71 126 52 116 82 81 105 89 77 59 47 142 174 72 104 102 98 86 89 65 117 64 154 147 185 71 104 94 102 100 103 75 121 69 158 150 188 74 107 96 103 107 111 78 124 77 161 159 202 71 112 100 103 113 117 81 122 79 155 160 209 68 105 95 99 136 141 99 137 85 179 158 159 205 71 107 205 74 105 161 208 74 106 96 77 93 95 80 126 82 159 159 207 67 104 92 76 77 79 63 130 82 166 159 206 74 103 95 76 67 69 53 120 90 144 156 200 79 102 93 75 63 65 47 117 89 140 149 193 75 99 86 71 61 63 46 91 51 120 140 179 76 93 86 89 106 77 86 107 76 69 111 65 86 121 68 68 117 66 69 107 73 69 78 65 71 64 68 54 74 66 105 99 59 47 61 40 75 68 120 10 78 69 81 65 69 62 109 120 58 46 63 45 78 95 117 71 72 69 81 64 65 76 124 42 68 55 73 51 46 68 45 63 41 46 65 43 38 79 NTONTirRROIIS METALS 1 Tin (deliveries) Petroleum refining Gasoline Kerosene Fuel oil Lubricating oil Coke (by-product) - FUELS, MANUFACTURES: - R U B B E R TIRES \ N D TUBES Tires nneumatic - Inner tubes TOBACCO PRODUCTS _ Cigars Cigarettes _ 179 51 9 63 g 135 95 88 107 97 92 79 79 79 79 80 119 95 120 99 100 115 110 C E M E N T AND GLASS: Cement Glass Dlate 41 32 42 94 87 65 73 67 38 166 51 TRANSPORTATION EQUIPMENT: Automobiles Locomotives Shinbnilflinff 44 40 45 101 91 88 102 84 54 145 161 114 92 83 73 89 98 173 102 111 105 95 76 101 86 82 122 70 87 175 118 98 91 164 131 114 89 87 83 86 113 149 84 104 113 104 82 116 91 97 122 97 94 153 134 LUMBER: Lumber cut 95 87 77 66 88 86 149 91 119 101 95 79 104 89 79 115 73 87 148 109 49 42 50 94 83 93 107 92 51 124 136 99 84 75 59 90 86 159 98 98 101 94 71 105 90 79 115 63 87 172 105 96 83 83 77 83 100 151 74 98 108 100 81 111 89 88 118 86 92 157 122 30 CO CO eo to to IRON AND STEEL 91 68 92 90 89 130 135 94 144 90 189 87 62 88 98 81 111 115 85 131 80 172 111 98 110 124 84 87 174 86 71 75 138 112 80 80 87 67 86 88 64 116 63 163 MINERALS COAL: Anthracite Petroleum crude Iron ore shiDments Conner (mined} * .. Zinc Lead Silver i Includes also lead and>inc, see "Minerals." 66 67 66 124 90 68 52 59 47 57 125 113 57 45 60 40 40 48 62 196 FEDEKAL RESEKVE BULLETIN MARCH, 1932 INDUSTRIAL PRODUCTION, BY INDUSTRIES (ADJUSTED INDEXES) [Index numbers of the Federal Reserve Board. 1923-1925 average=100] 1931 1932 Industry Jan. May June 64 66 97 90 90 105 79 63 123 136 56 Feb. Mar. Apr. 73 61 75 95 86 75 81 77 54 146 158 121 92 94 96 85 99 141 92 87 109 102 77 117 75 64 76 97 89 76 81 75 60 149 165 117 87 118 72 148 124 119 I 70 65 71 96 92 86 103 71 60 119 122 114 95 97 93 97 104 159 93 89 109 101 80 114 89 92 118 80 93 153 125 44 48 | 47 48 102 I 77 13 127 103 93 85 78 14 I 115 | 107 | 92 July Sept. Aug. Oct. Dec. Jan. MANUFACTURES IRON AND STEEL*. Pig iron Steel ingots* TEXTILES* _ Cotton consumption* Wool Consumption Machinery activity i Carpet, rug-loom activity i . Silk Deliveries Loom activity * FOOD PRODUCTS* _ Slaughtering, meat packing Hogs Cattle _ Calves Flour* Sugar meltings PAPER AND PRINTING Wood pulp and paper Newsprint Book paper Wrapping paper * Fine paper... Paper board* Wood pulp, mechanical* Wood pulp, chemical*.-. Paper boxes* _. Newsprint consumption LUMBER: s* Lumber cut * __ TRANSPORTATION EQUIPMENT: Automobiles Locomotives Shipbuilding* LEATHER AND PRODUCTS* Tanning _. Sole leather i Upper leatherCattle Calf and kip* Goat and kid * Boots and shoes CEMENT AND GLASS: Cement * Glass, plate * NONFERROUS METALS 2 Copper (smelter) Tin (deliveries) i FUELS, MANUFACTURES: Petroleum refining* Gasoline i *_._ Kerosene Fuel oil i.__ J Lubricating oil Coke (by-product) RUBBER TIRES AND TUBES* Tires, pneumatic*... Inner tubes* TOBACCO PRODUCTS* Cigars * Cigarettes.. 70 57 71 86 82 62 68 64 40 134 143 117 94 91 95 141 94 102 107 100 78 118 81 94 118 73 93 135 124 47 i 53 82 114 80 57 81 123 92 85 96 77 70 126 86 107 79 77 105 142 174 70 104 102 97 94 97 71 124 83 157 147 185 69 104 94 99 92 95 71 133 80 | 174 I 77 82 110 73 81 110 149 94 98 109 101 81 112 94 86 120 85 92 154 123 51 37 52 89 84 64 73 , 60 41 ! 140 I 157 | 105 j 91 91 99 72 91 164 94 83 97 100 88 89 ! 79 75 | 96 96 74 80 78 79 102 107 84 80 ! 84 82 139 153 117 120 45 39 46 93 85 71 80 65 52 144 159 115 92 95 101 80 90 158 42 38 36 33 ! 27 60 8 73 98 92 79 52 i 40 4 82 95 91 84 26 i 5! 96 ! 81 ' 84 j 83 ! 126 i 117 I 83 119 105 84 81 129 102 91 80 132 106 85 72 127 97 84 ! 60 i 110 79 | 36 2 134 77 80 81 76 59 105 76 91 117 76 76 94 94 111 | 105 73 73 72 70 104 | 109 93 89 68 70 92 90 88 65 65 83 75 65 65 79 57 65 65 75 ! 56 j 67 48 150 188 76 117 96 100 97 101 72 131 85 169 159 202 71 112 100 102 96 99 71 132 84 171 161 209 71 105 95 100 115 111 81 135 82 177 159 205 76 107 90 91 108 111 79 132 83 171 160 205 80 105 98 84 114 117 90 121 77 156 161 208 78 106 159 207 66 104 92 77 80 83 63 118 72 151 76 84 112 77 82 121 75 75 122 74 75 122 46 67 54 58 47 74 70 122 56 59 49 62 47 70 70 | 62 I 65 107 ! 102 59 I 52 60 59 ! 49;; 49 65 66 45 ! 42 94 84 72 68 75 126 100 79 83 127 109 83 84 I 68 I 102 96 87 94 97 72 118 I 78 ! 148 | i * Revised series; see p 194. Without seasonal adjustment. Includes also lead and zinc, see " Minerals." 1 3 154 84 83 107 99 79 111 89 88 117 80 91 151 123 78 92 93 158 92 88 105 96 72 107 90 83 114 79 89 171 118 45 41 45 100 93 85 97 84 54 140 153 114 93 93 97 80 102 149 86 104 104 94 77 100 85 83 115 87 87 159 121 50 44 51 99 92 97 115 92 51 120 131 65 10 108 99 90 79 "I 7 154 89 84 80 MINERALS 76 90 146 129 63 11 197 81 82 81 COAL: Bituminous Anthracite* Petroleum, crude Iron ore shipments*. Copper (mined) Zinc _ Lead Silver* 91 99 145 91 74 110 101 81 114 85 100 I 92 88 94 94 153 88 77 111 102 79 118 90 91 119 80 91 164 127 90 89 105 83 55 122 136 96 83 83 75 58 51 59 100 93 100 122 90 52 120 132 95 87 82 74 e Corrected. » Preliminary. Revised. r 42 : 33 ! 43 i 88 i 86 i 57 ; 64 j 58 : 36 j 141 I 156 | 112 I 97 ! 94 98 81 98 161 86 127 97 88 75 103 68 76 103 78 79 136 • 119 27 43 32 44 89 83 64 71 67 38 142 157 111 P94 92 93 83 93 173 88 108 74 157 116 27 45 84 79 77 73 65 101 61 65 75 89 " 7 7 I"I 59 47 159 206 71 103 95 76 76 79 59 111 74 137 155 | 200 i 73 102 i 93 73 149 193 140 179 75 93 87 i 71 : 74 i 116 41 84 I 86 i 64 I 113 ' 75 ! 142 | 67 ; 122 12 70 88 91 63 113 68 146 95 70 124 82 156 64 69 121 58 54 111 45 59 37 197 FEDEEAL RESERVE BULLETIN MAECH, 1932 FACTORY EMPLOYMENT AND PAY ROLLS (ANNUAL INDEXES) [Index numbers of the Federal Reserve Board; adjusted to Census of Manufactures through 1927. 1923-1925 average =100] Factory pay rolls Factory employment Industry 1927 TOTAL—ALL MANUFACTURING INDUSTRIES IRON AND STEEL AND PRODUCTS . Steelworks and rolling mills Hardware . . > _ . .. Structural iron work Heating apparatus .. Steam fittings Stoves ._ Cast-iron pipe . __ - MACHINERY Foundry and machine-shop products Machine tools Agricultural implements Electrical machinery TEXTILES AND PRODUCTS A. Fabrics _ . Cotton goods.. . Woolen and worsted manufactures Woolen and worsted goods _ Carpets and rugs Hosiery and knit goods - Silk manufactures Dyeing and finishing textiles B. Wearing apparel ._ . _._, Clothing, men's Shirts and collars Clothing, women's ._ ._ Millinery F O O D AND PRODUCTS . . Baking _ _ _ Slaughtering and meat packing Confectionery Ice cream Flour _ Sugar refining cane P A P E R AND PRINTING Printing, book and j o b . - Printing, newspapers and periodicals Paper and pulp . _ __ _ __ . Paper boxes L U M B E R AND PRODUCTS Lumber, sawmills Lumber, millwork Furniture _. _ _ __ TRANSPORTATION EQUIPMENT Car building and repairing Automobiles Shipbuilding __ _ ._ ._ _ __ L E A T H E R AND MANUFACTURES Boots and shoes Leather . _, C E M E N T , CLAY, AND GLASS PRODUCTS Clay products _ Brick, tile, and terra cotta Pottery Glass Cement NONFERROUS METAL PRODUCTS Stamped and enameled ware.. Brass, bronze, and copper CHEMICALS AND PRODUCTS . Chemicals and drugs Petroleum refining Fertilizers -_ _ R U B B E R PRODUCTS Automobile tires and tubes Rubber boots and shoes. TOBACCO MANUFACTURES Cigars and cigarettes Chewing and smoking tobacco, snuff MUSICAL INSTRUMENTS Pianos and organs. . I 1928 1929 98.8 97.2 101.1 96.8 96.3 92.7 106.6 97.6 99.5 95.9 100.0 100 0 96.9 114 6 118. 5 102.6 100.8 101.4 105.0 88.9 84.6 96 6 102.9 101.2 113.1 99.1 79.9 105.1 122.8 102.4 99.1 105.6 93.9 100.4 94.7 89.6 95.1 103.1 107.1 101.6 101.9 99.4 92.3 86.7 91.6 108.9 88.4 84.9 91.6 100.4 97.3 97.7 95.6 97.5 98.9 99.1 98.3 94.2 98.3 97.4 92.4 99.1 107.9 95.4 95.6 90.6 108.9 92.0 90.9 93.0 91.3 98.7 94.4 126.2 140.3 99.6 95.1 95.7 95.3 86.1 87.4 93.4 99.6 99.7 112.5 93.5 71.5 105.4 123.6 84.7 98.6 106.2 94.3 96.5 94.8 89.6 88.5 101.7 106.7 102.1 98.1 96.8 88.1 81.9 87.8 106.0 90.6 78.5 108.8 77.5 93.5 93.7 92.6 92.3 93.2 90.6 100.4 91.4 90.5 96.6 82.4 101.5 105.3 107.0 102.4 104.9 108.6 110.3 103.6 93.8 95.8 76.8 70.1 62.1 98.9 99.8 93.6 117.0 91.8 86.9 96.4 86.7 116.1 106.7 161.7 159.2 125.6 96.9 97.2 95.5 87.7 85.6 98.9 103.3 100.8 115.1 96.3 71.3 106.0 133.4 83.5 99.7 107.4 95.7 95.7 94.3 91.4 91.4 104.2 110.3 105.1 99.3 98.9 88.2 81.1 85.3 110.0 94.6 79.7 114.3 98.6 93.7 94.8 89.5 89.6 89.4 86.0 98.9 93.0 83.7 101.1 79.0 108.6 112.3 111.2 116.4 104.7 108.3 111.1 100.0 91.6 94.1 72.0 68.4 53.7 107.7 110. 2 100.7 104.0 103.4 105.8 93.6 95.1 82.4 78.8 76.5 1930 87.8 87.1 88.9 80.3 105.7 75.6 72.1 78.9 76.8 97.4 89.8 123.8 121.3 107.8 84.7 83.1 80.6 70.3 69.3 75.8 92.1 88.9 105.2 88.8 62.4 92.8 130.6 76.2 94.7 101.9 92.0 89.1 89.8 86.9 89.0 101.2 106.9 105.3 94.8 92.4 69.1 63.9 65.6 86.2 76.1 68.7 81.8 107.5 85.9 86.7 82.8 75.6 73.1 67.3 89.1 80.0 76.5 78.1 55.9 85.7 104.5 101.5 111.9 98.4 i 82.7 i 82.8 ! 82.2 87.4 89.4 ; 72.2 66.3 38.2 1931 74.4 71.7 73.7 66.4 81.5 62.5 60.6 64.3 63.4 72.5 66.6 78.3 62.8 85.9 77.9 77.1 75.4 67.2 67.2 66.9 85.6 76.0 99.5 79.9 57.9 82.6 114.1 71.1 88.5 95.2 86.1 85.4 82.8 79.0 79.4 93.0 96.4 102.4 84.0 84.6 52.2 45.6 53.6 69.9 60.4 53.3 66.1 89.7 80.1 81.5 74.3 61.7 58.0 50.0 79.9 69.2 61.1 64.6 43.8 71.7 89.0 92.2 88.8 69.2 71.9 73.3 67.9 79.3 80.6 69.4 45.9 28.7 ; 1929 1927 1928 102.0 101.8 98.5 97.5 96.1 109.7 99.7 102.0 97.5 98.3 103.5 100.1 116.5 126.8 107.2 104.1 104.0 105.5 86.6 84.8 94.4 116.3 107.6 121.0 104.3 85.6 110.2 123.9 110.7 102.4 107.9 98.8 103.9 100.8 91.9 90.2 110.1 114.1 111.3 105.3 103.8 95.1 89.1 90.4 111.3 91.3 87.9 93.5 107.8 98.6 98.7 98.4 96.2 96.1 96.8 94.4 93.5 101.0 100.3 93.3 102.4 109.7 108.5 112.2 107.6 108.5 107.2 114.3 91.1 92.0 84.7 I 85.2 80.3 99.9 100.8 '' 94.5 115.0 93.0 ! 93.9 i 92.2 1 86.8 104.7 99.4 135.7 156.2 104.9 96.4 95.8 89.2 80.7 79.6 85.8 112.4 109.1 120.8 97.7 77.4 106.9 124.4 88.2 102.5 107.9 100.3 99.0 103.2 93.6 86.7 109.8 113.4 112.7 103.4 103.5 90.5 84.9 85.9 105.6 97.2 81.9 117.6 84.5 92.4 91.7 95.2 90.4 87.9 85.7 94.0 92.7 94.7 107.1 85.0 113.5 106.0 106.0 105.7 108.6 114.8 116.6 107.9 88.4 89.6 78.3 77.6 67.3 ! 107.7 106.0 108.0 100.0 122.7 92.7 90.3 95.0 86.4 125.6 115.9 175.8 175.0 135.2 99.6 98.8 91.7 82.9 81.2 90.7 120.4 109.8 122.4 101.2 76.8 108.0 135.7 86.9 104.4 110.0 102.4 99.8 103.1 96.4 89.9 114.5 118.0 118.5 106.9 107.6 90.6 83.9 84.0 109.9 103.4 87.9 122.0 110.1 93.1 92.7 94.7 87.0 82.7 79.5 91.3 95.6 86.8 115.2 83.4 124.4 113.4 110.0 120.2 106.0 111.0 112.3 106.1 87.7 89.4 74.5 75.7 57.8 NOTE.—For description of these indexes see BULLETIN for November, 1929 (pp. 706-716), and November 1930 (pp. 662-677). 1930 87.4 84.4 86.8 73.2 104.4 68.6 67.3 69.8 75.1 96.7 87.3 114.1 119.5 113.6 81.9 77.8 71.3 61.0 61.4 59.1 97.7 89.0 105.2 90.0 59.1 84.3 1336 81.0 99.6 104.7 99.5 91.5 97.0 91.5 86.2 110.0 114.4 118.0 97.8 96.8 65.8 62.7 61.3 75.5 76.4 72.0 76.7 118.4 75.4 73.0 84.3 68.7 62.1 57.2 74.9 77.0 76.7 79.6 55.0 86.8 103.9 96.6 116.4 97.9 80.6 i 80.9 79.3 79.4 80.3 72.9 67.4 37.2 1931 66.0 55.4 56.3 50.7 67.4 47.7 46.6 48.7 52.9 60.4 52.6 60.8 52.2 79.4 69.4 67.7 63.1 56.3 57.4 51.2 80.7 70.2 96.7 72.9 48.9 67.9 106.4 67.4 88.0 92.6 89.1 80.2 86.7 77.1 73.0 95.9 97.7 112.0 76.6 83.0 41.5 35.8 43.2 52.8 54.6 51.2 54.5 89.6 64.9 63.2 71.1 48.7 40.7 33.8 59.1 61.5 54.1 57.3 38.5 62.8 84.5 83.8 89.1 62.9 61.4 63.5 53.4 65.4 65.4 66.0 40.2 23.6 198 FEDERAL RESERVE BULLETIN MARCH, 1982 FACTORY EMPLOYMENT AND PAY ROLLS (MONTHLY INDEXES) [Index numbers of the Federal Reserve Board; adjusted to Census of Manufactures through 1927. 1923-1925 average»100] Factory pay rolls Factory employment Without seasonal adjustment Adjusted for seasonal variation Without seasonal adjustment Industry TOTAL—ALL MANUFACTURINGIINDUSTRIES— IRON AND STEEL AND PRODUCTS Steel works and rolling Tnills Hardware Structural iron work Heating apparatus Steam fittings Stoves Cast-iron pipe .. MACHINERY . - Foundry and Tnaohine-shop products Machine tools Agricultural implements Electrical machinery TEXTILES AND PRODUCTS - _ A. Fabrics Cotton goods Woolen and worsted manufactures Woolen and worsted goods Carpets and rugs Hosiery and knit goods Silk manufactures -_ -Dyeing and finishing textiles B. Wearing apparel _ Clothing, moil's Shirts and collars _ Clothing, women's Millinery . FOOD AND PRODUCTS. Baking _ __ Confectionery Ice cream . Flour Sugar refining cane PAPER AND PRINTING ** _ -. -_ Printing, boo*k and job Printing, newspapers and periodicals Paper and pulp Paper boxes LUMBER AND PRODUCTS - - Lumber, sawmills Timber, mil]work - Furniture TRANSPORTATION EQUIPMENT Car building and repairing Automobiles Shipbuilding . -. LEATHER AND MANUFACTURES __ Boots and shoes Leather CEMENT, CLAY, AND GLASS PRODUCTS Clay products Brick, tile, and terra cotta Pottery Glass ... . Cement .. . _ -_ _ __ NONFERROUS METAL PRODUCTS Stamped and enameled ware Brass, bronze, and copper - _ ._ CHEMICALS AND PRODUCTS Chemicals and drugs Petroleum refining Fertilizers -. _ RUBBER PRODUCTS Automobile tires and tubes Rubber boots and shoes TOBACCO MANUFACTURES . . ». __ Cigars and cigarettes Chewing and stroking tobacco, snuff Dec. 66.3 67.9 62.8 65.8 60.4 67.4 47.9 48.8 47.1 51.9 61.2 54.9 59.4 51.0 76.3 71.6 73.4 73.0 59.7 60.0 58.2 84.3 71.5 93.9 66.9 51.6 68.6 91.3 59.4 84.2 88 8 86.4 78.5 70.0 76.3 77.0 89.0 92.3 99.8 80.4 76.9 42 4 35.3 44.4 61.0 53.9 43.9 63.4 84.3 75.7 77.5 68.3 47.7 42.6 33.1 68.6 59.1 45.7 56 8 31.4 65.4 81.7 85.9 81.2 66.3 69 1 69.7 67.2 69.0 64.4 66.4 61.6 71.3 55.0 63.1 56.7 55.9 63.8 58.7 62.4 48.3 77.1 72.9 74.6 73.8 58.8 58.9 58.4 88.9 72.9 93.9 68.5 51.9 74.6 96.3 53.0 87.9 91.4 88.4 92.5 70.4 76.8 77.7 90.8 93.2 101.9 80.6 84.0 45.2 37.4 47.7 65.3 54 4 46.9 60 2 87.9 73 2 74.4 67.9 53.3 48.5 39.8 72.3 64.3 50.7 60 3 40.9 66.9 82.0 86.9 81.3 53.4 69 8 69.3 71.5 71.7 71.7 71.6 74.2 1932 1931 1932 Jan. Jan. Jan. 1932 1931 Dec. Jan. Jan. Jan. 76.4 68.1 69.4 78.3 52.4 55.8 68.4 76.1 78.8 71.0 90.4 61.4 67.4 55 9 61.3 81.0 73.6 92.6 101.9 93.3 76.0 75.1 73.2 61.4 61.4 62.1 79.0 84.0 105.0 78.4 55.3 76.9 117.8 65.6 90.1 95 2 91.6 86.2 76 2 81.0 79.2 96 3 104.0 103.9 85.7 85.3 54 4 48 0 55.0 71.8 65 2 59.7 68 3 97.1 77.5 78.1 75.3 59.4 56.3 46.9 82.2 66.2 57.9 68.4 47.6 75.4 96.2 97.8 97.8 80.8 73 0 73.6 71.4 75.4 75.4 75.6 64.0 66.6 60.1 69.4 52.1 50.4 53.6 54.3 61.8 56.1 59.4 49.3 76.3 71.1 72.9 72.0 58.4 58.7 56.8 85.2 72.0 93.3 66.6 51.7 68.1 88.9 62.9 85.3 90 9 83.8 80.1 81.7 76.7 82.7 88.3 90.2 99.4 80.5 77.4 43.9 36.9 45.6 62.3 55.6 44.4 67.1 81.9 75.4 77.4 67.1 51.6 46.3 37.6 70.0 63.0 50.2 57 4 32.7 65.4 81.9 85.3 82.8 57.7 69.7 71.2 65.2 74 3 74.7 71.0 65.4 67.4 61.6 71.9 56.1 65.8 66.3 57.3 64.5 59.8 62.3 48.4 77.1 72.2 73.4 72.3 57.0 56.9 57.2 88.7 72.8 92.5 69.2 52.8 71.7 97.7 54.9 86.3 92.1 84.2 83.9 80.3 76.3 83.3 89.2 90.9 100.1 80.7 80.6 45.4 38.2 48.4 63.7 58.0 47.0 68.8 87.9 75.3 77.2 67.6 55.0 50.1 42.0 72.1 66.0 52.6 61.1 42.6 67.4 81.9 85.4 82.3 57.7 71.3 72.9 66.8 70.4 70.6 69.5 77.5 79.8 70.7 93.1 66.4 69.5 63.6 64.1 81.9 75.1 92.5 98.6 93.3 75.5 74.6 72.2 60.2 60.1 60.6 79.8 84.4 104.3 77.9 55.3 76.3 114.9 69.4 91.2 97.6 88.4 87.9 88.9 81.4 85.1 95.6 101.7 103.5 85.7 85.8 56.3 50.3 56.4 73.3 67.1 60.6 72.3 94.3 77.1 77.9 74.0 64.4 61.5 63.4 83.8 70.6 63.7 69 2 49.6 75.9 96.6 97.1 99.7 82.8 73 7 75.2 69.3 81 3 82.5 72.3 36.3 35.7 40.4 47.3 29.8 30.8 28.8 34.9 44.5 36.4 43.6 38.6 64.4 55.5 57.1 53.7 46.5 48.0 39.8 68.3 57.6 83.8 52.4 37.8 47.5 72.8 50.2 78.6 82.8 82.4 70.3 69.6 67.4 62.3 85.5 88.8 103.5 63.1 68.3 26.6 20.3 30.2 37.9 44.3 38.0 47.7 81.2 53.3 52.5 56.3 31.1 24.1 16.4 44.3 44.9 31.4 44.9 26.2 50.4 71.4 71.4 75.9 45.4 53.0 54.3 48.3 63.0 51.0 69.5 41.0 40.3 42.8 52.2 36.4 36.1 36.8 42.3 48.9 41.7 46.7 37.2 67.4 58.1 60.0 55.2 45.4 46.6 40.2 79.4 63.0 85.7 54.4 37.2 51.0 82.0 40.9 82.7 85.5 86.4 83.8 70.7 69.0 64.5 91.0 92.8 110.4 67.0 77.7 31.2 24.4 34.4 43.8 47.1 42.6 48.0 84.8 50.3 47.9 58.8 37.4 30.3 22.6 50.6 51.7 37.4 48.6 34.2 52.8 75.0 76.2 77.8 46.2 52 0 50.9 66.7 58 9 58.1 65.9 62.4 63.9 57.2 79.1 49.4 57.1 41.9 53.6 69.9 61.0 71.0 93.3 87.7 68.4 66.9 63.4 50.9 52.2 449 74.4 77.1 102.9 71.4 46.9 62.9 108.1 61.0 93.3 95.3 101.0 86.0 81.9 80.3 72.4 101.3 108.5 113.6 81.6 83.2 44.0 38.6 45.1 54.9 51.8 56.5 40.0 100.1 60.6 57.7 71.0 46.6 40.4 33.1 60.0 58.3 47.6 64 1 45.1 69 6 90.4 86.5 99.3 74.5 63 8 65.1 58.4 64 3 63.3 72.4 NOTE.—For description of these indexes see BULLETIN for November, 1929 (pp. 706-716), and November, 1930 (pp. 662-677). 1931 Dec. 199 FEDERAL RESERVE BULLETIN MARCH, 1932 WHOLESALE PRICES, BY GROUPS OF COMMODITIES (REVISED SERIES) [Revised index of Bureau of Labor Statistics (784 price series); 1926=100] Other commodities Year and month 1926 (base) 1927 1928 1929 1930-.1931-- 1926—January, February March April. May June July.August September _.. October November... December. _. 1927—January February March . April May June. .July August September... October November... December. _. 1928—January February March _ . April May June July August September... October November.-. December... 1929—January February March April May June July August. September... October. _ _ November... December... 1930—January February March April May June July August September... October. .. November... December.-. 1931—January February March April May June July August SeptemberOctober November... December... 1932—January All com- Farm modities products 100.0 95.4 96.7 95.3 86.4 73.0 103.2 102.0 100.6 100.3 100.5 100.4 99.5 99.1 99.7 99.4 98.4 97.9 96.5 95.8 94.7 94.1 94.2 94.1 94.3 95.2 96.3 96.6 96.3 96.4 96.4 95.8 95.5 96.6 97.5 96.7 97.4 97.6 98.6 96.7 95.8 95.8 95.9 95.4 96.1 95.5 94.7 95.2 96.5 96.3 96.1 95.1 93.5 93.3 92.5 91.4 90.2 90.0 88.8 86.8 84.4 84.3 84.4 83.0 81.3 79.6 78.2 76.8 76.0 74.8 73.2 72.1 72.0 72.1 71.2 70.3 70.2 68.6 67.3 100.0 99.4 105.9 104.9 88.3 64.8 107.4 105.1 101.7 102.8 102.4 100.9 98.6 97.2 99.3 97.9 94.7 94.9 96.5 95.4 94.2 94.3 96.3 96.5 97.6 102.3 105.9 105.0 104.3 104.4 106.1 104.5 103.5 107.6 109.8 106.7 108.5 106.9 108.8 103.4 101.6 103.6 105.9 105.4 107.2 104.9 102.2 103.3 107.6 107.5 106.6 104.0 101.1 101.9 101.0 98.0 94.7 95.8 93.0 88.9 83.1 84.9 85.3 82.5 79.3 75.2 73.1 70.1 70.6 70.1 67.1 65.4 64.9 63.5 60.5 58.8 58.7 55.7 52.8 Foods Total 100.0 96.7 101.0 99.9 90.5 74.6 102.6 LOO. 6 99.3 100.5 LOO. 1 100.5 98.7 97.5 99.8 100.7 100.4 100.6 97.1 96.1 94.7 94.9 95.3 94.8 94.3 94.5 96.6 100.0 101.4 100.7 100.9 98.8 98.2 99.7 101.2 100.3 102.2 103.8 106.5 102.1 100.0 98.1 98.9 98.1 98.3 98.0 98.0 99.1 102.9 103.5 103.3 101.4 98.9 98.7 97.3 95.8 94.3 94.9 92.2 90.8 86.8 87.6 89.5 88.8 86.2 82.4 80.7 78.0 77.6 76.3 73.8 73.3 74.0 74.6 73.7 73.3 71.0 69.1 64.7 Hides and Textile Fuel and Metals Building Chemi- House- Miscelleather lighting and metal cals and furnishproducts products materials products materials drugs ing goods laneous 100.0 94.0 92.9 91.6 85.2 75.0 102.5 101.7 100.8 100.0 100.1 100.1 99.4 99.6 99.6 99.4 99.1 98.0 96.5 95.8 94.5 93.5 93.4 93.5 93.4 93.6 93.9 93.5 93.0 93.3 92.8 92.9 92.6 92.7 92.9 92.6 92.6 92.9 93.0 92.9 92.9 93.0 92.3 91.9 92.1 91.8 91.5 91.9 91.7 91.4 91.6 91.6 90.8 90.5 89.5 89.0 88.2 87.8 i 87.3 85.7 84.5 83.6 83.2 82.1 81.1 80.3 79.0 78.3 77.2 75.9 75.1 74.1 73.9 74.2 73.9 72.9 73.5 72.3 71.7 100.0 107.7 121.4 109.1 100.0 86.1 103.3 101.5 100.2 98.7 99.0 98.8 99.0 99.6 98.8 100 9 100.3 100.3 100.9 100.1 100.4 101.7 103.6 107.1 111.4 111.5 112.5 112 7 113.9 116.5 120.7 123.8 123.7 126 3 125.8 123.3 123.8 120.6 120.4 117.2 115.3 115.4 113.4 108.9 108.2 107.8 106.7 107.9 109.1 109.5 110.6 110.3 108.3 107.3 105.1 103.9 103.2 102.7 102. 6 102.4 100.8 99.0 99.2 96.6 94.2 91.4 88.7 86.9 87.6 87.5 87.6 88.0 89.4 88.7 85.0 82.5 81.6 79.8 79.3 100.0 95.6 95.5 90.4 80.3 66.3 105.8 105.0 102.7 101.3 100.2 99.5 98.9 98.9 98.8 97 7 96.4 95.4 94.4 94.4 94.3 94.5 94 4 94.7 94.6 96 0 98.0 97 7 96.9 96.6 96.1 96.0 95.5 95.6 95.8 95.6 95.8 95.5 94.9 95.0 95.0 95.1 92.5 92.3 92.4 91.6 90.7 90.1 89.6 89.8 89.8 89.5 88.6 87.8 87.2 86.4 84.8 84.0 83.4 81.6 79.7 78.0 76.2 74.7 74.2 73.7 71.3 70.9 70.0 68.2 67.4 66.6 66.5 65.5 64.5 63.0 62.2 60.8 59.9 100.0 88.3 84.3 83.0 78.5 67.5 98.8 99.2 98.3 98.0 100.7 100.9 99.6 100.5 101.3 101 1 102.2 99.4 98.2 96.6 91.4 86.8 85.9 86.2 86.2 86.0 86.3 86.0 85.0 84.7 82.8 83.0 82.7 82.8 83.5 83.9 84.5 85.8 86.4 86.1 85.8 85.3 84.2 82.9 82.1 81.9 82.5 84.5 83.3 82.2 82.7 83.1 83.2 83.1 81.7 80.9 79.4 79.5 80.3 78.9 78.0 77.9 79.0 77.6 75.3 74.0 73.3 72.5 68.3 65.4 65.3 62.9 62.9 66.5 67.4 67.8 69.4 68.3 67.9 100.0 96.3 97.0 100.5 92.1 84.5 99.9 99.7 99.5 99.2 98.7 99.3 100.3 100.7 100.9 100 8 100.7 100.4 97.0 96.1 96.1 95.9 96.4 96.2 95.8 96.1 95.8 95.5 95.3 96.3 95.6 95.7 95.9 96.0 96.1 96.4 96.3 97.5 97.6 98.0 98.6 99.6 100.1 100.6 102.3 102.3 101.2 101.2 101.0 100.5 100.3 99.8 98.7 98.5 97.2 96.9 96.6 95.3 93.5 91.9 90.8 89.6 89.0 87.9 87.8 87.9 86.9 86.5 86.4 85.7 85.0 84.4 84.3 83.9 83.9 82.8 82.6 82.2 81.8 100.0 94.7 94.1 95.4 89.9 79.2 101.3 100.9 100.5 99.8 99.2 99.1 99.4 100.0 100.0 100 0 100.5 99.9 98.3 97.2 96.5 96.5 96.1 95.3 94.7 94.3 93.5 93.1 91.9 91.6 92.2 92.2 92.0 92.8 93.5 94.4 94.7 94.9 94.9 95.2 95.8 95.8 95.5 95.9 96.7 96.3 95.5 95.2 95.1 95.2 95.8 95.9 94.4 94.4 94.3 94.0 93.9 93.5 92.4 89.9 88.5 87.7 87.1 86.3 85.5 84.8 83.8 82.5 82.5 81.5 80.0 79.3 78.1 77.6 77.0 76.1 76.2 75.7 74.8 100.0 96.8 95.6 94.2 89.1 79.3 101.5 100.7 100.6 99.8 100.0 100.6 100.3 99.9 100.3 99 3 98.9 99.0 98.0 98.0 97.1 97.8 95.6 96. 1 95.6 95.6 96.6 97.1 97.3 97.2 96.2 96.1 95.8 95.9 95.5 95.0 94.8 95.0 95.2 95.7 95.7 95.8 95.6 95.7 95.3 94.7 94.1 93.4 93.3 93.6 93.7 94.0 93.8 93.5 93.0 92.3 91.4 91.2 90.2 89.4 88.3 87.9 87.2 86.7 86.0 85.6 • 84.5 83.3 82.9 81.3 80.5 79.4 78.9 76.9 76.3 75.6 76.1 76.1 75.7 100.0 97.5 95.1 94.3 92.7 84.9 101.1 101.0 100.9 100.7 100.3 100.2 100.1 100.0 99.7 99.6 99.6 98.7 97.5 97.5 97.5 97.5 97.5 97.7 97.4 97.5 97.5 97.3 97.6 97.6 96.5 96.4 95.9 95.5 95.5 94.8 94.7 94.8 94.8 94.1 94.1 94.1 93.9 93.8 93.8 94.0 94.0 94.6 94.3 94.3 94.3 94.7 94.6 94.7 93.8 93.6 93.5 93.5 93.5 93.4 93.1 92.9 92.3 92.1 91.5 88.8 88.3 88.1 88.0 87.9 86.8 86.4 85.7 84.9 82.7 81.0 80.9 78.5 77.7 100.0 91.0 85.4 82.6 77.7 69.8 110.0 106.3 105.0 103.5 102.5 101.6 97.9 96.9 96.0 95 7 93.1 92.2 91.7 91.8 91.8 91.9 91.8 91.3 90.7 91.0 90.7 89.9 89.5 90.1 90.1 89.2 88.9 87.7 87.4 85.0 83.6 82.6 82.9 82.8 82.7 82.5 82.7 82.7 82.4 81.9 82.0 82.4 82.8 82.8 83.1 83.2 82.4 82.2 81.3 81.2 80.9 81.0 80.4 78.4 76.6 76.1 75.2 74.7 74.1 73.5 72.2 71.5 72.0 71.5 70.5 69.7 69.7 68.3 68.2 66.6 68.7 66.8 65.6 200 FEDERAL RESERVE BULLETIN MARCH, 1932 BUILDING CONTRACTS AWARDED, BY TYPES OF BUILDING IValue of contracts in millions of dollars. Figures are for 37 States east of the Rocky Mountains, as reported by F. W. Dodge Corporation] Commerciall Factories Residential Total Public works and public utilities i Educational All other Month January February March April _ May June July August September October November December Year - 1931 1932 i 228.0 235.4 370.0 336.9 306.1 316 1 286.0 233.1 251.1 242.1 151.2 136.9 84.8 1931 ! 54.4 77.9 100 9 95.9 i 88.9 72.7 1 63.9 i 00.2 54.6 I 60.5 45.3 36 2 1932 1931 10.1 7.3 20.6 11.3 16.3 27.5 1932 1931 10.4 4.7 ! 11.0 8.9 4.2 2.5 26.9 27.1 36 2 26 2 25.7 26 9 28.4 19.1 28.6 41.3 14.1 10 6 116.2 | 311.1 8.9 811.4 3, 092.8 1932 3.4 9.1 1931 1932 96.8 79.0 152.2 133.4 109.6 141 6 117.4 73.3 86.5 83.0 48.0 50.5 1932 1931 24.1 19.4 4.4 16.7 24 3 23 0 23.8 22.5 26.1 19.3 21.2 14.7 — - - - - 11.8 6.1 1,171.1 1932 1931 20.5 27 3 35.7 47 1 41 8 43 6 39.8 56.5 49.3 33.8 27.8 31.0 16.3 454.3 228.8 1 Changes made recently by the F. W. Dodge Corporation in classification of data have put figures for commercial buildings and for public works and utilities on a new basis. BUILDING CONTRACTS AWARDED, BY DISTRICTS BUILDING PERMITS ISSUED, BY DISTRICTS [Value of permits in thousands of dollars] [Value of contracts in thousands of dollars; figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation] 1932 1932 1 reserve district 1931 Jan. Dec. 15 | 19 1,990 17, 371 1,373 4,241 2,638 895 1,314 14 | 9 I 20 841 1,132 6,359 2,192 14, 774 1,457 2,023 2,841 2,112 4,630 3,041 3,390 1,404 1,621 5,763 1,671 37,295 1,925 3,854 4,030 1,742 9,828 3,186 1,195 4,925 2,657 12,225 168 I i 39,544 45,248 84,532 Federal reserve district Boston New York Philadelphia Cleveland Richmond Atlanta.— Chicago St. L o u i s . . . Minneapolis Kansas City Dallas _ ._ _ _ _ _ _..i I _._! i _i j __..!! J Total (11 districts) i _j Jan. Dec. 7,175 j 24,803: 8,400 j 6,924 i 5,615 i 5,711 j 12,628 ! 4,905 | 1,371 i 4,059 ! 3,205 j 12,453 40,470 7,732 14,185 11,678 5,516 15,195 10,571 4,661 8,108 6,283 14,814 60,314 11,018 17,971 21,534 17,860 31,767 13,306 2,591 17,756 19,027 84,798 I 136,852 227,956 Boston New York Philadelphia... Cleveland Richmond Atlanta, Chicago St. Louis Minneapolis _ _. Kansas City... Dallas San Francisco _ Number Federal reserve district 1932 i Jan. Boston New York Philadelphia.. Cleveland Richmond Atlanta Chicago _. St. Louis...... Minneapolis . . Kansas City.. Dallas San Francisco. Total.-. 827 I 215 : 322 • 159 j 188 | 495 ! 158 ! 74 | 157; 178 | 377 ! Dec. 264 566 123 262 140 161 360 168 81 179 134 320 1932 Jan BANK DEBITS 6,068 10,100 '• 28,965 756 21,799 14,019 : 13.524 193 12,201 3,148 4,128 254 9,628 5,984 ! 11,952 203 2,404 4,302 i 4,339 245 5,608 2,693 4,686 502 18,700 14,649 j 14,573 243 3,918 4,787 ; 4,837 671 2,915 | 92 776 167 5,692 3,416 ; 1,851 127 4,052 2,365 | 1,955 271 6,119 4,836 I 3,023 3,458 ! 2,758 3,316 I 1932 Number of centers 1931 Jan. I Dec. ! Jan. 96,860 ! 73,213 j 94,608 649 742 Jan. IDebits to individual accounts. In millions of dollars] Liabilities 1931 14 22 14 Total COMMERCIAL FAILURES, BY DISTRICTS [Amounts in thousands of dollars; figures reported by R. G. Dun Co.] 1931 | Number J_. j of cities | NewTiTork City Outside New York City u#. Kftaufc ft-*** «*« Federal reserve district: Boston. _ New York Philadelphia ClevelandRichmond Atlanta Chicago St. Louis.. Minneapolis _ _ Kansas City Dallas San Francisco Total.- 1 140 11 7 10 13 7! 15; 21 j 5 J 9! 15 ! 10 I 18 ! 141 | 1931 Jan. Dec. 17,676 15,893 19,233 17.112 24, 557 21,696 1,812 2,001 18,380 j 19,891 1,472 1,701 1, 723 ! 1,853 593 j 628 782 ! 800 3,941 4,165 819 870 456 j 553 840 ! 935 484 ' 508 2,267 2,440 2,248 25,322 2,063 2,754 729 1,031 5,412 1,059 617 1,200 613 3,205 33,569 46,253 36,345 i Jan. INDEX Acceptances: Page Buying rates of Federal reserve banks 157 Classes of bankers' acceptances 155 Dollar exchange 155 Held by Federal reserve banks 149, 150, 155, 182, 183 Held by group of accepting banks 155 Held by member banks 152 Open-market rates on 157 In foreign countries 176 Outstanding 155 Payable in foreign currencies 155 Adjusted-service certificates, discount of bills secured by 150, 182 All banks in the United States: Condition of, on call dates 153 (See also Deposits; Loans and investments, etc.) Annual report of the Bank of France 161 Balance sheets: Bank for International Settlements 171 Bank of France 166 Foreign central banks 172-174 Bank debits 200 Bank for International Settlements, condition of 171 Bank suspensions 156, 189-191 Bankers' balances 186 Banks, number of 153 Bills bought. (See Acceptances.) Bills discounted, holdings of, by Federal reserve banks 149, 150, 182, 183, 184 Borrowings of member banks at reserve banks _. 149, 150, 154, 156, 182, 183, 185, 186 Brokers' loans 152, 154 Building statistics 159, 200 Business conditions, national summary of 147 Business failures 1 200 Call loans, open-market rates on 157 Capital issues, domestic and foreign 158 Chart—Federal reserve bank credit outstanding and factors in changes 148 Classification of loans and investments of member banks 152 Commercial failures 200 Commercial paper: Outstanding 155 Purchased by member banks 152 Rates on 157, 187 Condition of member banks on Dec. 31, 1931 _ 192, 193 Cost of living 179 Currency: Shipments and receipts to and from Europe. 188 Treasury 149, 150 Debits to individual account 200 Department-store sales and stocks 160 Deposits: All banks in the United States 153 All member banks 151, 185, 192, 193 Central banks in foreign countries 172-174 Commercial banks in foreign countries 175 Federal reserve banks 182, 183, 184 p Deposits—Continued. age Nonmember banks 153 Postal savings 188 Reporting member banks 186 Suspended banks 156, 189-191 Discount rates: Central banks in foreign countries 176 Changes in 146, 176 Federal reserve banks 157 Changes in 146 Due to Federal reserve banks from foreign banks 150, 182, 183 Eligible paper: Held by Federal reserve banks 156 Held as security for Federal reserve notes. 182, 183 Employment in factories, index of 159, 197, 198 Annual indexes 197 Factors of increase or decrease in reserve bank credit 149, 150, 151 Failures: Bank 156, 189-191 Commercial 200 Federal intermediate credit banks, bills discounted for 150, 182 Federal land bank bonds purchased by reserve banks 150, 182 Federal reserve act, amendments to (GlassSteagall bill) 180 (See also Review of month.) Federal reserve bank credit and factors in changes 148, 149, 150, 151 Federal reserve notes 150, 182, 183, 184 Float, reserve bank 149, 150, 182 Foreign banks, due from, to Federal reserve banks 150, 182, 183 Foreign central bank statistics 172-174 Foreign commercial bank statistics 175 Foreign exchange rates 177 Foreign securities: Issued 158 Prices of 178 Freight-car loadings 159, 160 Gold: Analysis of changes in stock of 150 Circulation 150 Earmarked 150 Imports and exports— Foreign countries 169, 170 United States 150, 168 Production 150, 168 Reserves— Central banks in foreign countries 167 Federal reserve banks 182,183 Stock, monetary, of United States 149, 150 Government note issues and reserves, foreign countries 171 Imports and exports: Bankers' acceptances based on 155 GoldForeign countries 169, 170 United States 150, 168 Merchandise 160 201 202 FEDERAL RESERVE BULLETIN Page Interbank loans, rates on 187 Interest rates. (See Money rates.) Law department: Recent amendments to Federal reserve act (Glass-Steagallbill) 180 Loans and investments: All banks in the United States 153 Percentage distribution 153 All member banks 152,153,192,193 Classification on call dates 152 Central banks in foreign countries 172-174 Commercial banks in foreign countries 175 Nonmember banks 153 Reporting member banks 154, 186 Maturity distribution of bills, etc 188 Mellon, Andrew W., resignation of, as Secretary of the Treasury 146 Member-bank borrowings at reserve banks 149, 150, 154, 156, 182, 183, 185 Member-bank reserve balances 149, 151, 182, 183 Membership in par-collection system 188 Merchandise imports and exports 160 Mills, Ogden L., appointed Secretary of the Treasury 146 Monetary gold stock of the United States 149, 150 Money in circulation 149, 150 Money rates: Charged customers by banks 157, 187 Foreign countries 176 In New York City 157 Municipal warrants: Maturity distribution 188 Purchased by Federal reserve banks 150, 182 Nonmember banks: Bills discounted for, secured by adjustedservice certificates 150 Deposits 149, 153 MARCH, 1932 Nonmember banks—Continued. Loans and investments 153 Suspensions 156 Number of banks 153 Par list, number of banks on 188 Par value of foreign currency 177 Pay rolls in factories, index of 159,197, 198 Postal-savings deposits 188 Prices: Commodity (wholesale),Index of— Foreign countries 179 United States 159, 178, 179, 199 Food, index of 179 Securities, index of 158, 178 Silver 177 Production of manufactures and minerals, index of 159, 194, 195, 196 Reserve ratios of Federal reserve banks 183, 184 Reserves: Central banks in foreign countries 167, 171, 172-174 Federal reserve banks 182, 183, 184 Member banks 149, 151, 185, 186 New York City banks 151 Review of the month—Banking conditions and recent legislation 141-146 Security prices, index of: Foreign countries 178 United States 158, 178 Silver, price of 177 Suspensions, bank 156, 189-191 Treasury currency 149, 150 Unexpended capital funds of reserve banks 149 United States securities: Held by Federal reserve banks. 149, 150, 182, 183 Held by member banks 152, 156 Outstanding 158 Yield on 157 Wholesale prices. (See Prices.) FEDERAL RESERVE DISTRICTS N.DAK. 3 ^ MINN. MINNEAPOLIS S.DAK. — — B O U N D A R I E S OF FEDERAL RESERVE DISTRICTS .-—BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ® FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY I
@FedFRASER